Document:

EXECUTION COPY

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF APRIL 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                            dated as of March 1, 2003

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2003-QS7

===============================================================================

<PAGE>

<TABLE>
<CAPTION>

Article I    DEFINITIONS....................................................................4

<S>             <C>                                                                        <C>
        Section 1.01.  Definitions..........................................................4
        Section 1.02.  Use of Words and Phrases............................................15
        Section 1.03.  Determination of LIBOR..............................................15

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

        ISSUANCE OF CERTIFICATES...........................................................17

        Section 2.01.   Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard
                      Terms)...............................................................17
        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)...17
        Section 2.03.   Representations, Warranties and Covenants of the
                      Master Servicer and the Company......................................17
        Section 2.04. Representations and Warranties of Sellers. (See Section 2.04 of the
                      Standard Terms)......................................................20
        Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I Certificates.........................20
        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                      Acceptance by the Trustee............................................20
        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............20
        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the Standard
                      Terms)...............................................................20

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................21

        Section 3.01.   Master Servicer to Act as Servicer. (See Section 3.01 of the Standard
                      Terms)...............................................................21
        Section 3.02.   Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations. (See Section
                      3.02 of the Standard Terms)..........................................21
        Section 3.03.   Successor Subservicers. (See Section 3.03 of the Standard Terms)...21
        Section 3.04.   Liability of the Master Servicer. (See Section 3.04 of the
                      Standard    Terms)...................................................21
        Section 3.05.   No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders.  (See  Section  3.05  of the  Standard
        Terms).........21   Section   3.06.   Assumption   or   Termination   of
        Subservicing Agreements by Trustee. (See
                      Section 3.06 of the Standard Terms)..................................21
        Section 3.07.   Collection of Certain Mortgage Loan Payments;  Deposits to Custodial

        Account.............................................................  21
        Section 3.08.  Subservicing Accounts;  Servicing Accounts.  (See Section
        3.08 of the
                      Standard Terms)......................................................22
        Section 3.09    Access to Certain Documentation and  Information Regarding the
                      Mortgage Loans. (See Section 3.09 of the Standard Terms).............22
        Section 3.10.   Permitted Withdrawals from the Custodial Account. (See Section 3.10
                      of the Standard Terms)...............................................22
        Section 3.11.   Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder.    (See   Section   3.11   of   the   Standard
        Terms).................22  Section 3.12.  Maintenance  of Fire Insurance
        and Omissions and Fidelity Coverage.
                      (See Section 3.12 of the Standard Terms).............................22
        Section 3.13.   Enforcement of Due-on-Sale Clauses; Assumption and  Modification
                      Agreements; Certain Assignments. (See Section 3.13 of the Standard
                      Terms)...............................................................23
        Section 3.14.   Realization Upon Defaulted Mortgage Loans. (See Section 3.14 of the
                      Standard Terms)..................................................... 23
        Section 3.15.   Trustee to Cooperate; Release of Mortgage Files.  (See Section 3.15
                      of the Standard
                      Terms)...............................................23
        Section 3.16.   Servicing and Other Compensation; Compensating Interest. (See Section
                      3.16 of the Standard Terms)..........................................23
        Section 3.17.   Reports to the Trustee and the Company.  (See Section 3.17 of the
                      Standard Terms)......................................................23
        Section 3.18.   Annual Statement as to Compliance.  (See Section 3.18 of the Standard
                      Terms)...............................................................23
        Section 3.19.   Annual Independent Public Accountants' Servicing Report. (See Section
                      3.19 of the Standard Terms)..........................................23
        Section 3.20.   Rights of the Company in Respect of the Master Servicer. (See Section
                      3.20 of the Standard Terms)..........................................23
        Section 3.21. Administration of Buydown Funds (See Section 3.21 of the Standard Terms)
                      23

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................24

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......24
        Section 4.02. Distributions. ......................................................24
        Section 4.03. Statements to Certificateholders; Exchange Act Reporting (See Section
        4.03 of the Standard Terms)........................................................31
        Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the
        Master Servicer (See Section 4.04 of the Standard Terms)...........................31
        Section 4.05. Allocation of Realized Losses. ......................................31
        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
        Section 4.06 of the Standard Terms)................................................33
        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of
        the Standard Terms)................................................................33
        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................33

Article V  THE CERTIFICATES................................................................34

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................35

Article VII   DEFAULT......................................................................36

Article VIII  CONCERNING THE TRUSTEE.......................................................37

Article IX    TERMINATION..................................................................38

Article X      REMIC PROVISIONS............................................................39

        Section 10.01. REMIC Administration.  (See Section 10.01 of the Standard Terms)....39
        Section 10.02.Master Servicer; REMIC Administrator and Trustee Indemnification.
        (See Section 10.02 of the Standard Terms)..........................................39
        Section 10.03. Designation of REMICs...............................................39
        Section 10.04. Distributions on the Uncertificated REMIC I and REMIC II Regular
        Interests..........................................................................39
        Section 10.05. Compliance with Withholding Requirements............................41

Article XI   MISCELLANEOUS PROVISIONS......................................................42

        Section 11.01. Amendment.  (See Section 11.01 of the Standard Terms)...............42
        Section 11.02. Recordation of Agreement;  Counterparts.  (See Section 11.02 of the
        Standard Terms)....................................................................42
        Section 11.03. Limitation on Rights of Certificateholders.  (See Section 11.03 of the
        Standard Terms)....................................................................42
        Section 11.04. Governing Laws.  (See Section 11.04 of the Standard Terms)..........42
        Section 11.05. Notices.............................................................42
        Section 11.06. Required Notices to Rating Agency and Subservicer.  (See Section 11.06
        of the Standard Terms).............................................................43
        Section 11.07. Severability of Provisions. (See Section 11.07 of the Standard Terms)43
        Section 11.08. Supplemental Provisions for Resecuritization.  (See Section 11.08 of
        the Standard Terms)................................................................43
        Section 11.09. Allocation of Voting Rights.........................................43
        Section 11.10. No Petition.........................................................43

<PAGE>

                                    EXHIBITS

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

</TABLE>

<PAGE>

        This is a Series  Supplement,  dated as of April 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING

CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master Servicer"),  and DEUTSCHE BANK TRUST COMPANY AMERICAS,  as
Trustee (together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The  Company   intends  to  sell  mortgage   asset-backed   pass-through
certificates  (collectively,  the  "Certificates"),  to be issued  hereunder  in
multiple  classes,  which in the aggregate  will evidence the entire  beneficial
ownership  interest  in the  Mortgage  Loans.  As  provided  herein,  the  REMIC
Administrator  will make an  election  to treat the  entire  segregated  pool of
assets  described in the definition of Trust Fund, and subject to this Agreement
(including the Mortgage Loans), as two real estate mortgage  investment conduits
(each, a "REMIC") for federal income tax purposes.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  All  capitalized  terms not otherwise  defined herein
shall  have the  meanings  set forth in the  Standard  Terms.  The  Pooling  and
Servicing Agreement shall be dated as of the date of this Series Supplement.

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

<TABLE>
<CAPTION>

                             AGGREGATE
                              INITIAL
                            CERTIFICATE
               PASS-THROUGH  PRINCIPAL                              MATURITY    STANDARD &      MINIMUM
 DESIGNATION     RATE         BALANCE       FEATURES1                 DATE      POOR'S/FITCH DENOMINATIONS2
                                     -
                                            Senior/Interest      April 25,
<S>     <C>      <C>                <C>                                <C>                    <C>
Class A-1        6.00%              $0.003     Only/Fixed Strip        2033        AAA/AAA    $2,000,000.00
Class A-2        4.75%                       Senior/Fixed Rate     April 25,
                          $269,752,000.00                             2033        AAA/AAA      $25,000.00
Class A-3      Adjustable                   Senior/Floater/AdjustabApril 25,
               Rate4      $ 19,268,000.00            Rate              2033        AAA/AAA      $25,000.00
Class A-4      Adjustable                      Senior/Inverse
                 Rate4                        Floater/Interest     April 25,
                                   $0.005   Only/Adjustable Rate      2033        AAA/AAA    $2,000,000.00
Class A-5        5.00%    $12,023,000.00     Senior/Fixed Rate    April 25,                    $25,000.00
                                                                  2033            AAA/AAA
Class A-P        0.00%    $6,089,945.27      Senior/Principal     April 25,                   $25,000.00
                                              Only                 2033           AAA/AAA
Class A-V      Variable            $0.00      Senior/Interest      April 25,                 7
               Rate6                         Only/Variable Rate       2033        AAA/AAA

1    The Certificates,  other than the Class A-P, Class A-V, Class B and Class R
     Certificates  shall be Book-Entry  Certificates.  The Class A-P, Class A-V,
     Class B and Class R Certificates  shall be delivered to the holders thereof
     in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate of any of the Class A-P and Class B-1, Class B-2 and Class
     B-3 Certificates  that contain an uneven multiple of $1,000 shall be issued
     in a denomination equal to the sum of the related minimum  denomination set
     forth  above and such  uneven  multiple  for such  Class or the sum of such
     denomination      and     an      integral      multiple     of     $1,000.

3    The Class A-1 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-1 Certificates
     will accrue on a notional  amount  equal to the product of  16.66666666667%
     multiplied by the aggregate certificate principal balance of the Class A-2,
     Class A-3 and Class A-5 Certificates.

4
-------------------- ----------- ---------------- --------------- ---------
Adjustable Rates:    Initial     Formula          Maximum         Minimum
-------------------- ----------- ---------------- --------------- ---------
-------------------- ----------- ---------------- --------------- ---------
Class A-3            1.83%       LIBOR + 0.55%    8.50%           0.55%
-------------------- ----------- ---------------- --------------- ---------
-------------------- ----------- ---------------- --------------- ---------
Class A-4            6.67%       7.95% - LIBOR    7.95%           0.00%

5    The Class A-4 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-4 Certificates
     will accrue on a notional amount equal to the Certificate Principal Balance
     of the Class A-3 Certificates.

6    The initial Pass-Through Rate on the Class A-V Certificates is 0.1568%.

7    The Class A-V  Certificates  shall be issuable in minimum  denominations of
     not       less       than       a      20%       Percentage       Interest.

                                       2
<PAGE>

                             AGGREGATE
                              INITIAL
                            CERTIFICATE
               PASS-THROUGH  PRINCIPAL                              MATURITY    STANDARD &      MINIMUM
 DESIGNATION     RATE         BALANCE       FEATURES1                 DATE      POOR'S/FITCH DENOMINATIONS2

Class R-I        6.00%           $100.00    Senior/Residual/Fixed  April 25,                 8
                                                    Rate              2033        AAA/AAA
Class R-II       6.00%           $100.00    Senior/Residual/Fixed  April 25,                       8
                                                    Rate              2033        AAA/AAA
Class M-1        6.00%                        Mezzanine/ Fixed     April 25,       AA/NA       $25,000.00
                           $7,759,200.00            Rate              2033
Class M-2        6.00%                        Mezzanine/ Fixed     April 25,       A/NA       $250,000.00
                           $3,071,400.00            Rate              2033
Class M-3        6.00%                        Mezzanine/ Fixed     April 25,      BBB/NA      $250,000.00
                           $2,263,100.00            Rate              2033
Class B-1        6.00%                       Subordinate/ Fixed    April 25,       BB/NA      $250,000.00
                             $969,900.00            Rate              2033
Class B-2        6.00%                       Subordinate/ Fixed    April 25,       B/NA       $250,000.00
                           $1,131,600.00            Rate              2033
Class B-3        6.00%                       Subordinate/ Fixed    April 25,       NA/NA      $250,000.00
                             $970,553.90            Rate              2033
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $323,298,899.17.

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

____________
8    Each  Class of the  Class R  Certificates  shall  be  issuable  in  minimum
     denominations  of  not  less  than  a 20%  Percentage  Interest;  provided,
     however,  that one Class R  Certificate  of each Class will be  issuable to
     Residential  Funding as "tax matters person"  pursuant to Section  10.01(c)
     and (e) in a minimum denomination representing a Percentage Interest of not
     less than 0.01%.

                                       3
<PAGE>

                                   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.

     Adjustable  Rate   Certificates:   Any  of  the  Class  A-3  or  Class  A-4
Certificates.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$103,982 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

     (A)  the greater of (i) 0.0006 times the aggregate principal balance of all
          the Mortgage Loans in the Mortgage Pool as of the Relevant Anniversary
          having a Loan-to-Value Ratio (other than Additional  Collateral Loans)
          at origination which exceeds 75% and (ii) $100,000; and

     (B)  the greater of (i) the  product of (x) an amount  equal to the largest
          difference  in  the  related   Monthly  Payment  for  any  Non-Primary
          Residence Loan  remaining in the Mortgage Pool (other than  Additional
          Collateral Loans) which had an original  Loan-to-Value Ratio of 80% or
          greater that would  result if the Net Mortgage  Rate thereof was equal
          to the  weighted  average  (based  on  the  principal  balance  of the
          Mortgage  Loans as of the  Relevant  Anniversary)  of the Net Mortgage
          Rates of all Mortgage Loans as of the Relevant  Anniversary less 1.25%
          per annum, (y) a number equal to the weighted  average  remaining term
          to maturity,  in months, of all Non-Primary  Residence Loans remaining
          in the Mortgage Pool as of the Relevant Anniversary,  and (z) one plus
          the  quotient  of  the  number  of  all  Non-Primary  Residence  Loans
          remaining  in the  Mortgage  Pool  divided  by  the  total  number  of
          Outstanding  Mortgage  Loans in the  Mortgage  Pool as of the Relevant
          Anniversary, and (ii) $50,000,

               over (2) the  aggregate  amount of  Bankruptcy  Losses  allocated
        solely to one or more  specific  Classes of  Certificates  in accordance
        with Section 4.05 since the Relevant Anniversary.

                                       4
<PAGE>

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2003-QS7"  and  which  must be an  Eligible
Account.

        Certificate Policy:  None.

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

        Class R  Certificate:  Any one of the Class R-I  Certificates  and Class
R-II Certificates.

        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 to the  Standard  Terms as Exhibit D and  evidencing  an  interest
designated  as a  "residual  interest"  in  REMIC I for  purposes  of the  REMIC
Provisions.

        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 to the Standard  Terms as Exhibit D and  evidencing an interest
designated  as a  "residual  interest"  in REMIC II for  purposes  of the  REMIC
Provisions.

        Closing Date:  April 29, 2003.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2003-QS7.

        Cut-off Date:  April 1, 2003.

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

        Discount Net Mortgage Rate:  6.00% per annum.

                                       5
<PAGE>

     Due Period:  With respect to each Distribution  Date, the calendar month in
which such Distribution Date occurs.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  hereof),  (iii) the Class A-P 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, Class B-1 and
Class B-2 Certificates.

        Floater Certificates:  Any one of the Class A-3 Certificates.
        --------------------

        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 2.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the first to, but not including,  the
fifth  anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 1.00% of the aggregate  outstanding principal balance of all of the Mortgage
Loans as of the most  recent  anniversary  of the  Cut-off  Date  minus  (2) the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Initial Monthly Payment Fund: $197,703, representing scheduled principal
amortization and interest at the Net Mortgage Rate payable during the April 2003
Due Period,  for those Mortgage Loans for which the Trustee will not be entitled
to receive such payment.

        Initial  Notional  Amount:  With respect to the Class A-1  Certificates,
$50,173,833.33. With respect to the Class A-4 Certificates, $19,268,000.00. With
respect to the Class A-V  Certificates  or Subclass  thereof issued  pursuant to
Section 5.01(c),  the aggregate  Cut-off Date Principal  Balance of the Mortgage
Loans   corresponding  to  the  Uncertificated   REMIC  I  Regular  Interests  Z
represented by such Class or Subclass on such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

                                       6
<PAGE>

        Class M-1:  2.40%           Class B-1:  0.30%
        Class M-2:  0.95%           Class B-2:  0.35%
        Class M-3:  0.70%           Class B-3:  0.30%

        Interest  Accrual  Period:  With  respect  to any Class of  Certificates
(other than the Floater  Certificates and the Inverse Floater  Certificates) and
any  Distribution  Date,  the calendar  month  preceding the month in which such
Distribution   Date  occurs.   The  Interest  Accrual  Period  for  the  Floater
Certificates and the Inverse Floater  Certificates for any Distribution  Date is
the period  beginning on the 25th day of the month  preceding the month in which
such  Distribution  Date occurs and ending on the 24th day of the month in which
such Distribution Date occurs.

        Interest Only Certificates: Any one of the Class A-1, Class A-4 or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

        Inverse Floater Certificates:  Any one of the Class A-4 Certificates.
        ----------------------------

     Maturity Date: April 25, 2033, the Distribution Date immediately  following
the latest scheduled maturity date of any Mortgage Loan.

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

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

(ii)              the maturity of the Mortgage Note ("MATURITY DATE");

(iii)             the Mortgage Rate ("ORIG RATE");

(iv)              the Subservicer pass-through rate ("CURR NET");

(v)               the Net Mortgage Rate ("NET MTG RT");

(vi)              the Pool Strip Rate ("STRIP");

(vii)             the initial  scheduled  monthly payment of principal,  if any,
                  and interest ("ORIGINAL P & I");

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

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

(x)               the rate at which the Subservicing Fee accrues ("SUBSERV FEE")
                  and at which the Servicing Fee accrues ("MSTR SERV FEE");

                                       7
<PAGE>

(xi)              a code  "T,"  "BT" or "CT"  under  the  column  "LN  FEATURE,"
                  indicating  that the  Mortgage  Loan is secured by a second or
                  vacation residence; and

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

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

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class  A-1  Certificates,  an amount  equal to the  product  of  16.66666666667%
multiplied  by the  aggregate  Certificate  Principal  Balance of the Class A-2,
Class A-3 and Class A-5 Certificates  immediately  prior to such date, (ii) with
respect  to the  Class A-4  Certificates,  an  amount  equal to the  Certificate
Principal  Balance of the Class A-3 Certificates  immediately prior to such date
and (iii) with respect to any Class A-V  Certificates or Subclass thereof issued
pursuant to Section  5.01(c),  the  aggregate  Stated  Principal  Balance of the
Mortgage Loans  corresponding to the Uncertificated  REMIC I Regular Interests Z
represented by such Class or Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Floater Certificates,  Inverse Floater Certificates,  Class A-V Certificates
and Class A-P  Certificates),  Class M Certificates and Class B Certificates and
any  Distribution  Date,  the per  annum  rates  set  forth  in the  Preliminary
Statement hereto.

o              With respect to the Floater Certificates and the initial Interest
               Accrual Period,  1.83% per annum,  and as to any Interest Accrual
               Period  thereafter,  a per annum rate equal to LIBOR plus  0.55%,
               subject to a maximum  rate of 8.50% per annum and a minimum  rate
               of 0.55% per annum.

o              With respect to the Inverse Floater  Certificates and the initial
               Interest Accrual Period,  6.67% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 7.95% minus
               LIBOR, subject to a maximum rate of 7.95% per annum and a minimum
               rate of 0.00% per annum.

With respect to the Class A-V Certificates (other than any Subclass thereof) and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-V
Certificates and the initial Distribution Date the Pass-Through Rate is equal to
0.1568% per annum.  With respect to any Subclass of Class A-V  Certificates  and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans  corresponding to the
Uncertificated  REMIC I Regular  Interests Z represented  by such Subclass as of
the Due Date in the related Due Period,  weighted on the basis of the respective
Stated  Principal  Balances  of such  Mortgage  Loans as of the day  immediately
preceding such  Distribution  Date (or with respect to the initial  Distribution

                                       8
<PAGE>

Date,  at the  close of  business  on the  Cut-off  Date).  The  Principal  Only
Certificates  have  no  Pass-Through  Rate  and  are  not  entitled  to  Accrued
Certificate Interest.

        Prepayment  Assumption:   The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on the  Certificates  for federal income tax purposes,  which assumes a
constant  prepayment rate of 10.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage Loans and an additional approximately 0.909091% per annum in each month
thereafter  until the twelfth  month,  and beginning in the twelfth month and in
each  month  thereafter  during  the  life of the  Mortgage  Loans,  a  constant
prepayment rate of 20.0% per annum.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date  and  each  Class  of  Subordinate   Certificates,   under  the  applicable
circumstances set forth below, the respective percentages set forth below:

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

        (ii)   For any  Distribution  Date not  discussed in clause (i) above on
               which any Class of Subordinate Certificates are outstanding:

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of  Subordinate  Certificates  for which the  related  Prepayment
               Distribution Trigger has been satisfied, a fraction, expressed as
               a percentage, the numerator of which is the Certificate Principal
               Balance  of such  Class  immediately  prior to such  date and the
               denominator  of  which  is the sum of the  Certificate  Principal
               Balances  immediately  prior  to such  date of (1) the  Class  of
               Subordinate   Certificates  then  outstanding  with  the  Highest
               Priority and (2) all other  Classes of  Subordinate  Certificates
               for which the respective  Prepayment  Distribution  Triggers have
               been satisfied; and

                      (b) in  the  case  of  each  other  Class  of  Subordinate
               Certificates for which the Prepayment  Distribution Triggers have
               not been satisfied, 0%; and

     (iii)Notwithstanding  the  foregoing,  if the  application of the foregoing
          percentages  on any  Distribution  Date as provided in Section 4.02 of
          this Series  Supplement  (determined  without regard to the proviso to
          the definition of "Subordinate  Principal  Distribution Amount") would
          result in a  distribution  in  respect  of  principal  of any Class or
          Classes of  Subordinate  Certificates  in an amount  greater  than the
          remaining  Certificate  Principal  Balance  thereof (any such class, a
          "Maturing Class"), then: (a) the Prepayment Distribution Percentage of
          each Maturing Class shall be reduced to a level that,  when applied as
          described  above,  would  exactly  reduce  the  Certificate  Principal
          Balance  of  such  Class  to  zero;  (b) the  Prepayment  Distribution
          Percentage of each other Class of Subordinate  Certificates  (any such
          Class, a  "Non-Maturing  Class") shall be  recalculated  in accordance
          with the  provisions in paragraph  (ii) above,  as if the  Certificate
          Principal  Balance  of each  Maturing  Class had been  reduced to zero
          (such percentage as recalculated,  the "Recalculated Percentage"); (c)

                                       9
<PAGE>

          the total  amount of the  reductions  in the  Prepayment  Distribution
          Percentages of the Maturing Class or Classes pursuant to clause (a) of
          this  sentence,   expressed  as  an  aggregate  percentage,  shall  be
          allocated  among  the  Non-Maturing  Classes  in  proportion  to their
          respective  Recalculated  Percentages  (the portion of such  aggregate
          reduction so  allocated to any  Non-Maturing  Class,  the  "Adjustment
          Percentage");  and (d) for  purposes of such  Distribution  Date,  the
          Prepayment Distribution Percentage of each Non-Maturing Class shall be
          equal  to the  sum  of  (1)  the  Prepayment  Distribution  Percentage
          thereof,  calculated  in accordance  with the  provisions in paragraph
          (ii) above as if the  Certificate  Principal  Balance of each Maturing
          Class had not been  reduced to zero,  plus (2) the related  Adjustment
          Percentage.

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

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

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

        REMIC I: The  segregated  pool of assets,  with respect to which a REMIC
election is to be made, consisting of:

               (i)    the Mortgage Loans and the related Mortgage Files,

               (ii)   all  payments and  collections  in respect of the Mortgage
                      Loans due after  the  Cut-off  Date  (other  than  Monthly
                      Payments due in the month of the Cut-off Date) as shall be
                      on deposit in the Custodial  Account or in the Certificate
                      Account and  identified  as  belonging  to the Trust Fund,
                      including the proceeds from the  liquidation of Additional
                      Collateral  for any  Additional  Collateral  Loan, but not
                      including  amounts  on  deposit  in  the  Initial  Monthly
                      Payment Fund,

               (iii)  property  which secured a Mortgage 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
                      Policies,  if any, the Pledged Assets with respect to each
                      Pledged  Asset  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein, and

                                       10
<PAGE>

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

        REMIC I Certificates:  The Class R-I Certificates.
        --------------------

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the  holders  of  each  Class  of   Certificates   (other  than  the  Class  R-I
Certificates)  pursuant to Section 2.06,  with respect to which a separate REMIC
election is to be made.

        REMIC II Certificates:  Any Class of Certificates  (other than the Class
R-I Certificates).

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

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

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

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$3,232,989  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single

                                       11
<PAGE>

five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 37.5%
(which  percentage  is equal to the  percentage  of Mortgage  Loans by aggregate
principal balance initially secured by Mortgaged Properties located in the State
of California) and (ii) the aggregate  outstanding  principal balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the  aggregate  of the  amounts  calculated  (without  giving  effect to the
related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A); (ii) such Class's pro rata share, based on
the Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  to the  extent  such  collections  are not  otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (other  than the  related  Discount
Fraction of such Principal  Prepayments in Full and Curtailments with respect to
a Discount Mortgage Loan) to the extent not payable to the Senior  Certificates;
(iv) if such Class is the Class of  Subordinate  Certificates  with the  Highest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
and (v) any amounts  described in clauses (i), (ii) and (iii) as determined  for
any previous  Distribution  Date, that remain  undistributed  to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a Class of Subordinate  Certificates minus (b) the sum of (i) with respect to
the Class of  Subordinate  Certificates  with the  Lowest  Priority,  any Excess
Subordinate   Principal  Amount  for  such  Distribution   Date,  and  (ii)  the

                                       12
<PAGE>

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

        Uncertificated Accrued Interest: With respect to each Distribution Date,
(i)  as to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  each
Uncertificated  REMIC I Regular  Interest  Z, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Related Classes of  Certificates if the  Pass-Through
Rate on such Classes were equal to the Uncertificated  Pass-Through Rate on such
Uncertificated REMIC I Regular Interest,  (ii) as to each Uncertificated REMIC I
Regular  Interest  Z and each  Uncertificated  REMIC II Regular  Interest  Z, an
amount  equal to one  month's  interest  at the Pool Strip  Rate of the  related
Mortgage  Loan on the  principal  balance of such  Mortgage Loan reduced by such
Interest's  pro-rata  share  of any  prepayment  interest  shortfalls  or  other
reductions of interest allocable to the Class A-V Certificates.

        Uncertificated   Pass-Through   Rate:   With  respect  to  each  of  the
Uncertificated  REMIC I Regular Interests other than the Uncertificated  REMIC I
Regular  Interests  Z,  the  per  annum  rate  specified  in the  definition  of
Uncertificated  REMIC I Regular Interests.  With respect to each  Uncertificated
REMIC I Regular Interest Z and each Uncertificated  REMIC II Regular Interest Z,
the Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest, as defined in the definition of Uncertificated REMIC I
Regular Interest.

        Uncertificated  REMIC I Regular Interests:  The  Uncertificated  REMIC I
Regular  Interests Z together with the interests  identified in the table below,
each  representing an undivided  beneficial  ownership  interest in REMIC I, and
having the following characteristics:

     1.   The principal balance from time to time of each Uncertificated REMIC I
          Regular  Interest  identified  in the table  below shall be the amount
          identified  as the Initial  Principal  Balance  thereof in such table,
          minus the sum of (x) the  aggregate of all amounts  previously  deemed
          distributed  with  respect to such  interest and applied to reduce the
          Uncertificated   Principal   Balance   thereof   pursuant  to  Section
          10.04(a)(ii)  and (y) the aggregate of all  reductions in  Certificate
          Principal  Balance deemed to have occurred in connection with Realized
          Losses that were  previously  deemed  allocated to the  Uncertificated
          Principal  Balance  of such  Uncertificated  REMIC I Regular  Interest
          pursuant to Section  10.04(d),  which equals the  aggregate  principal
          balance of the Classes of  Certificates  identified as related to such
          Uncertificated REMIC I Regular Interest in such table.

        2.      The  Uncertificated  Pass-Through  Rate for each  Uncertificated
                REMIC I Regular Interest  identified in the table below shall be
                the per annum rate set forth in the Pass-Through  Rate column of
                such table.

                                       13
<PAGE>

        3.      The Uncertificated  REMIC I Distribution Amount for each REMIC I
                Regular Interest identified in the table below shall be, for any
                Distribution Date, the amount deemed distributed with respect to
                such   Uncertificated   REMIC  I   Regular   Interest   on  such
                Distribution   Date  pursuant  to  the   provisions  of  Section
                10.04(a).

<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>        <C>            <C>                    <C>
          U             Class A-1, Class A-2              5.75%                  $269,752,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          V             Class A-1, Class A-3, Class A-4   9.50%                   $19,268,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-1, Class A-5              6.00%                   $12,023,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                    $6,089,945.27
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class R-II,                       6.00%                   $16,165,853.90
                        Class M-1, Class M-2,
                        Class M-3, Class B-1, Class
                        B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  1,741
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,741,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

        Uncertificated  REMIC I  Regular  Interest  Distribution  Amounts:  With
respect  to each  Uncertificated  REMIC  I  Regular  Interest,  other  than  the
Uncertificated  REMIC  I  Regular  Interests  Z,  the  amount  specified  as the
Uncertificated REMIC I Regular Interest Distribution Amount with respect thereto
in the definition of Uncertificated  REMIC I Regular Interests.  With respect to
the  Uncertificated  REMIC I Regular  Interests  Z, the  Uncertificated  REMIC I
Regular Interests Z Distribution Amount.

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,741
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,741 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC II  Regular  Interests  Z's pro rata  share of the  amount
distributed pursuant to Sections 10.04(a).

        Uncertificated  REMIC II Regular  Interests  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

                                       14
<PAGE>

     Underwriters:  Greenwich Capital Markets, Inc. and Citigroup Global Markets
Inc.

 Section 1.02.  Use of Words and Phrases.
               ------------------------

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

        Section 1.03. Determination of LIBOR.
                      ----------------------

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Floater Certificates and Inverse Floater Certificates,  if any, for any Interest
Accrual  Period  (other  than  the  initial  Interest  Accrual  Period)  will be
determined as described below:

        On each  Distribution  Date,  LIBOR shall be  established by the Trustee
and, as to any Interest Accrual Period, will equal the rate for one month United
States  dollar  deposits  that appears on the  Telerate  Screen Page 3750 of the
Moneyline  Telerate Capital Markets Report as of 11:00 a.m., London time, on the
second LIBOR Business Day prior to the first day of such Interest Accrual Period
("LIBOR Rate Adjustment  Date").  "Telerate  Screen Page 3750" means the display
designated  as page 3750 on the  Telerate  Service  (or such  other  page as may
replace page 3750 on that service for the purpose of displaying London interbank
offered  rates of major  banks).  If such rate does not  appear on such page (or
such other page as may replace that page on that service,  or if such service is
no longer offered, any other service for displaying LIBOR or comparable rates as
may be selected by the Trustee after consultation with the Master Servicer), the
rate  will be the  Reference  Bank  Rate.  The  "Reference  Bank  Rate"  will be
determined  on the  basis of the rates at which  deposits  in U.S.  Dollars  are
offered by the  reference  banks  (which shall be any three major banks that are
engaged in transactions in the London interbank market,  selected by the Trustee
after  consultation  with the Master Servicer) as of 11:00 a.m., London time, on
the day  that is one  LIBOR  Business  Day  prior to the  immediately  preceding
Distribution  Date to prime banks in the London interbank market for a period of
one month in amounts  approximately equal to the aggregate Certificate Principal
Balance of the Adjustable Rate Certificates  then outstanding.  The Trustee will
request the principal  London office of each of the reference banks to provide a
quotation of its rate. If at least two such  quotations  are provided,  the rate
will be the arithmetic mean of the quotations rounded up to the next multiple of
1/16%. If on such date fewer than two quotations are provided as requested,  the
rate will be the arithmetic  mean of the rates quoted by one or more major banks
in New York City,  selected by the Trustee  after  consultation  with the Master
Servicer,  as of 11:00 a.m.,  New York City time, on such date for loans in U.S.
Dollars  to  leading  European  banks  for a  period  of one  month  in  amounts
approximately  equal  to the  aggregate  Certificate  Principal  Balance  of the
Adjustable  Rate  Certificates  then  outstanding.  If no such quotations can be
obtained,  the rate will be LIBOR for the prior  Distribution  Date,  or, in the
case of the  first  LIBOR  Rate  Adjustment  Date,  1.28% per  annum;  provided,
however, if, under the priorities described above, LIBOR for a Distribution Date
would be  based  on  LIBOR  for the  previous  Distribution  Date for the  third
consecutive  Distribution  Date, the Trustee shall,  after consultation with the
Master Servicer,  select an alternative comparable index (over which the Trustee

                                       15
<PAGE>

has no control), used for determining one-month Eurodollar lending rates that is
calculated and published (or otherwise made available) by an independent  party.
"LIBOR Business Day" means any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the city of London,  England are required
or authorized by law to be closed.

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

        Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee will supply the Pass-Through Rates on each
of the Floater Certificates and Inverse Floater Certificates for the current and
the immediately  preceding  Interest  Accrual Period via the Trustee's  internet
website, which may be obtained by telephoning the Trustee at (800) 735-7777.

                                       16
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

(iv) To the best of the Company's knowledge, except with respect to six Mortgage
     Loans  representing  approximately  0.2% of the  principal  balance  of the
     Mortgage Loans at origination, if a Mortgage Loan is secured by a Mortgaged
     Property with a  Loan-to-Value  Ratio at origination in excess of 80%, such
     Mortgage Loan is the subject of a Primary Insurance Policy that insures (a)
     at least  35% of the  Stated  Principal  Balance  of the  Mortgage  Loan at
     origination if the Loan-to-Value  Ratio is between 100.00% and 95.01%,  (b)
     at least  30% of the  Stated  Principal  Balance  of the  Mortgage  Loan at
     origination if the Loan-to-Value Ratio is between 95.00% and 90.01%, (c) at
     least 25% of such balance if the Loan-to-Value  Ratio is between 90.00% and
     85.01% and (d) at least 12% of such balance if the  Loan-to-Value  Ratio is
     between  85.00% and 80.01%.  To the best of the Company's  knowledge,  each
     such Primary  Insurance  Policy is in full force and effect and the Trustee
     is entitled to the benefits thereunder;

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

                                       17
<PAGE>

(vi)    No more than 0.7% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.5% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

(vii)   The improvements upon the Mortgaged  Properties are insured against loss
        by fire and other  hazards as required by the Program  Guide,  including
        flood  insurance if required under the National  Flood  Insurance Act of
        1968, as amended.  The Mortgage  requires the Mortgagor to maintain such
        casualty  insurance at the Mortgagor's  expense,  and on the Mortgagor's
        failure to do so,  authorizes  the holder of the  Mortgage to obtain and
        maintain  such  insurance  at  the  Mortgagor's   expense  and  to  seek
        reimbursement therefor from the Mortgagor;

(viii)  Immediately  prior  to the  assignment  of  the  Mortgage  Loans  to the
        Trustee,  the Company had good title to, and was the sole owner of, each
        Mortgage  Loan  free  and  clear of any  pledge,  lien,  encumbrance  or
        security   interest   (other  than  rights  to  servicing   and  related
        compensation)  and such assignment  validly  transfers  ownership of the
        Mortgage  Loans to the  Trustee  free and  clear  of any  pledge,  lien,
        encumbrance or security interest;

(ix)    Approximately 59.99% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  13.35% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  1.80%
        of the Mortgage Loans by aggregate  Stated  Principal  Balance as of the
        Cut-off Date were underwritten under a no income/no asset program;

(x)     Except with respect to  approximately  26.78% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

(xi)    None of the Mortgage Loans is a Buy-Down Mortgage Loan;

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

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

(xiv)   None of the  Mortgage  Loans is a  Cooperative  Loan;  with respect to a
        Mortgage Loan that is a Cooperative  Loan, the Cooperative Stock that is
        pledged  as  security  for the  Mortgage  Loan is held by a person  as a
        tenant-stockholder  (as  defined  in  Section  216  of  the  Code)  in a
        cooperative housing corporation (as defined in Section 216 of the Code);

                                       18
<PAGE>

(xv) With  respect  to each  Mortgage  Loan  originated  under  a  "streamlined"
     Mortgage  Loan  program  (through  which no new or  updated  appraisals  of
     Mortgaged  Properties  are  obtained  in  connection  with the  refinancing
     thereof),  the related Seller has represented  that either (a) the value of
     the  related  Mortgaged  Property  as of the  date  the  Mortgage  Loan was
     originated  was not less than the  appraised  value of such property at the
     time  of  origination   of  the   refinanced   Mortgage  Loan  or  (b)  the
     Loan-to-Value  Ratio of the Mortgage Loan as of the date of  origination of
     the Mortgage Loan generally meets the Company's underwriting guidelines;

(xvi)   Interest on each  Mortgage  Loan is calculated on the basis of a 360-day
        year consisting of twelve 30-day months;

(xvii)  None of the  Mortgage  Loans  contain  in the  related  Mortgage  File a
        Destroyed Mortgage Note;

(xviii) None of the Mortgage Loans by aggregate Stated  Principal  Balance as of
        the Cut-off Date will have been made to International  Borrowers, and no
        such  Mortgagor  is  a  member  of a  foreign  diplomatic  mission  with
        diplomatic rank;

(xix)   No Mortgage  Loan provides for payments that are subject to reduction by
        withholding  taxes levied by any foreign  (non-United  States) sovereign
        government; and

(xx)    None of the Mortgage Loans are Additional  Collateral  Loans and none of
        the Mortgage Loans are Pledged Asset Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and

                                       19
<PAGE>

agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

Section 2.04.  Representations  and Warranties of Sellers.  (See Section 2.04 of
     the Standard Terms)

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund and/or the applicable REMIC,  receipt of which
is  hereby  acknowledged.  Concurrently  with  such  delivery  and  in  exchange
therefor,  the Trustee,  pursuant to the written request of the Company executed
by an officer of the Company,  has executed and caused to be  authenticated  and
delivered  to or upon the order of the  Company  the Class R-I  Certificates  in
authorized  denominations which together with the Uncertificated REMIC I Regular
Interests, evidence the beneficial interest in REMIC I.

Section  2.06.  Conveyance  of  Uncertificated  REMIC  I and  REMIC  II  Regular
     Interests; Acceptance by the Trustee.

        The Company, as of the Closing Date, and concurrently with the execution
and delivery hereof,  does hereby assign without  recourse all the right,  title
and  interest  of the  Company  in and to the  Uncertificated  REMIC  I  Regular
Interests  to the  Trustee  for the  benefit  of the  Holders  of each  Class of
Certificates (other than the Class R-I Certificates).  The Trustee  acknowledges
receipt of the  Uncertificated  REMIC I Regular  Interests  and declares that it
holds and will hold the same in trust for the  exclusive  use and benefit of all
present and future Holders of each Class of  Certificates  (other than the Class
R-I  Certificates).  The rights of the  Holders  of each  Class of  Certificates
(other  than the Class  R-I  Certificates)  to  receive  distributions  from the
proceeds of REMIC II in respect of such Classes,  and all ownership interests of
the Holders of such Classes in such distributions, shall be as set forth in this
Agreement.

Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.

        The Trustee  acknowledges  the  assignment  to it of the  Uncertificated
REMIC I Regular Interests and, concurrently  therewith and in exchange therefor,
pursuant  to the written  request of the  Company  executed by an officer of the
Company,  the Trustee has executed and caused to be authenticated  and delivered
to or upon the order of the Company, all Classes of Certificates (other than the
Class  R-I  Certificates)  in  authorized  denominations,   which  evidence  the
beneficial interest in the entire REMIC II.

Section 2.08.  Purposes  and  Powers  of the  Trust.  (See  Section  2.08 of the
     Standard Terms)

                                       20
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master  Servicer to Act as  Servicer.  (See  Section  3.01 of the
     Standard Terms)

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations. (See Section 3.02 of
     the Standard Terms)

Section 3.03.  Successor Subservicers. (See Section 3.03 of the Standard Terms)

Section  3.04.  Liability  of the  Master  Servicer.  (See  Section  3.04 of the
     Standard Terms)

Section 3.05. No Contractual  Relationship  Between  Subservicer  and Trustee or
     Certificateholders. (See Section 3.05 of the Standard Terms)

Section 3.06.  Assumption or Termination of Subservicing  Agreements by Trustee.
     (See Section 3.06 of the Standard Terms)

Section  3.07.  Collection  of  Certain  Mortgage  Loan  Payments;  Deposits  to
     Custodial Account.

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,

                                       21
<PAGE>

including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan),  capitalize any amounts owing on the Mortgage Loan
by adding such amount to the outstanding principal balance of the Mortgage Loan,
or extend the final  maturity date of such Mortgage  Loan,  unless such Mortgage
Loan is in default or, in the judgment of the Master  Servicer,  such default is
reasonably foreseeable;  provided,  further, that (1) no such modification shall
reduce the interest rate on a Mortgage Loan below  one-half of the Mortgage Rate
as in  effect  on the  Cut-off  Date,  but not less  than the rates at which the
Servicing  Fee and the  Subservicing  Fee with  respect  to such  Mortgage  Loan
accrue,  (2) the final maturity date for any Mortgage Loan shall not be extended
beyond the Maturity  Date,  (3) the Stated  Principal  Balance of all Reportable
Modified Mortgage Loans subject to Servicing Modifications (measured at the time
of  the  Servicing  Modification  and  after  giving  effect  to  any  Servicing
Modification)  can be no more  than  five  percent  of the  aggregate  principal
balance of the  Mortgage  Loans as of the  Cut-off  Date,  unless  such limit is
increased  from  time to time  with  the  consent  of the  Rating  Agencies.  In
addition,  any  amounts  owing  on a  Mortgage  Loan  added  to the  outstanding
principal  balance  of such  Mortgage  Loan  must be  fully  amortized  over the
remaining  term of such  Mortgage  Loan,  and such  amounts  may be added to the
outstanding  principal  balance of a Mortgage  Loan only once during the life of
such  Mortgage  Loan.  Also,  the  addition  of such  amounts  described  in the
preceding sentence shall be implemented in accordance with the Program Guide and
may be implemented  only by  Subservicers  that have been approved by the Master
Servicer for such purpose.  In  connection  with any  Curtailment  of a Mortgage
Loan, the Master Servicer,  to the extent not inconsistent with the terms of the
Mortgage  Note and local law and  practice,  may permit the Mortgage  Loan to be
reamortized such that the Monthly Payment is recalculated as an amount that will
fully amortize the remaining  Stated  Principal  Balance thereof by the original
Maturity  Date  based  on  the  original  Mortgage  Rate;  provided,  that  such
re-amortization  shall not be permitted if it would  constitute a reissuance  of
the Mortgage Loan for federal income tax purposes,  except if such reissuance is
described in Treasury Regulation Section 1.860G-2(b)(3).

        (b) - (d). (See Section 3.07(b) -(d) of the Standard Terms)

Section 3.08.  Subservicing Accounts;  Servicing Accounts.  (See Section 3.08 of
     the Standard Terms)

Section 3.09.  Access to Certain  Documentation  and  Information  Regarding the
     Mortgage Loans. (See Section 3.09 of the Standard Terms)

Section 3.10.  Permitted  Withdrawals from the Custodial  Account.  (See Section
     3.10 of the Standard Terms)

Section  3.11.  Maintenance  of  the  Primary  Insurance  Policies;  Collections
     Thereunder. (See Section 3.11 of the Standard Terms)

Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
     (See Section 3.12 of the Standard Terms)

                                       22
<PAGE>

Section 3.13.  Enforcement of Due-on-Sale  Clauses;  Assumption and Modification
     Agreements; Certain Assignments. (See Section 3.13 of the Standard Terms)

Section 3.14.  Realization Upon Defaulted  Mortgage Loans.  (See Section 3.14 of
     the Standard Terms)

Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section 3.15
     of the Standard Terms)

Section 3.16.  Servicing and Other  Compensation;  Compensating  Interest.  (See
     Section 3.16 of the Standard Terms)

Section 3.17.  Reports to the Trustee and the Company.  (See Section 3.17 of the
     Standard Terms)

Section 3.18.  Annual  Statement  as to  Compliance.  (See  Section  3.18 of the
     Standard Terms)

Section 3.19. Annual  Independent  Public  Accountants'  Servicing Report.  (See
     Section 3.19 of the Standard Terms)

Section 3.20.  Rights of the  Company in Respect  of the Master  Servicer.  (See
     Section 3.20 of the Standard Terms)

Section 3.21.  Administration of Buydown Funds (See Section 3.21 of the Standard
     Terms)

                                       23
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.  (See Section 4.01 of the Standard Terms)
               --------------------------------------------------------------

Section 4.02.  Distributions.
               -------------

(a) On each  Distribution  Date (x) the Master Servicer on behalf of the Trustee
or (y) the Paying Agent appointed by the Trustee, shall distribute to the Master
Servicer,  in the case of a distribution pursuant to Section 4.02(a)(iii) below,
the amount  required to be distributed to the Master  Servicer or a Sub-Servicer
pursuant to Section 4.02(a)(iii) below, and to each  Certificateholder of record
on the next  preceding  Record Date  (other  than as  provided  in Section  9.01
respecting the final  distribution)  either in immediately  available  funds (by
wire transfer or otherwise) to the account of such  Certificateholder  at a bank
or   other   entity   having   appropriate    facilities   therefor,   if   such
Certificateholder  has so notified the Master  Servicer or the Paying Agent,  as
the case may be, or, if such  Certificateholder  has not so notified  the Master
Servicer  or the  Paying  Agent by the  Record  Date,  by check  mailed  to such
Certificateholder  at the address of such Holder  appearing  in the  Certificate
Register  such  Certificateholder's  share (which share (A) with respect to each
Class of Certificates  (other than any Subclass of the Class A-V  Certificates),
shall be based on the  aggregate  of the  Percentage  Interests  represented  by
Certificates of the applicable  Class held by such Holder or (B) with respect to
any  Subclass  of the Class A-V  Certificates,  shall be equal to the amount (if
any)  distributed  pursuant  to  Section  4.02(a)(i)  below to each  Holder of a
Subclass thereof) of the following  amounts,  in the following order of priority
(subject to the provisions of Section 4.02(b),  (c) and (e) below), in each case
to the extent of the Available Distribution Amount remaining:

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

               (ii) (X) to the Class A-P  Certificates,  the Class A-P Principal
        Distribution  Amount  (applied  to  reduce  the  Certificate   Principal
        Balances of such Senior Certificates); and

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

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

     (1)  the principal  portion of each Monthly  Payment due during the related
          Due Period on each  Outstanding  Mortgage Loan (other than the related

                                       24
<PAGE>

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

     (2)  the Stated Principal  Balance of any Mortgage Loan repurchased  during
          the preceding calendar month (or deemed to have been so repurchased in
          accordance with Section 3.07(b))  pursuant to Section 2.02, 2.03, 2.04
          or 4.07 and the amount of any  shortfall  deposited  in the  Custodial
          Account in connection with the substitution of a Deleted Mortgage Loan
          pursuant to Section 2.03 or 2.04 during the preceding  calendar  month
          (other than the  related  Discount  Fraction of such Stated  Principal
          Balance or shortfall with respect to each Discount Mortgage Loan); and

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

(B)  with respect to each  Mortgage Loan for which a Cash  Liquidation  or a REO
     Disposition  occurred during the preceding calendar month (or was deemed to
     have occurred  during such period in accordance with Section 3.07(b) of the
     Standard  Terms) and did not result in any Excess  Special  Hazard  Losses,
     Excess Fraud Losses,  Excess Bankruptcy Losses or Extraordinary  Losses, an
     amount  equal  to  the  lesser  of  (a)  the  Senior  Percentage  for  such
     Distribution  Date times the Stated Principal Balance of such Mortgage Loan
     (other than the related Discount Fraction of such Stated Principal Balance,
     with respect to each Discount Mortgage Loan) and (b) the Senior Accelerated
     Distribution  Percentage  for such  Distribution  Date  times  the  related
     unscheduled  collections  (including without limitation Insurance Proceeds,
     Liquidation  Proceeds and REO Proceeds) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section 3.14 of the Standard  Terms (in each case other than the portion
     of such unscheduled collections,  with respect to a Discount Mortgage Loan,
     included in Section 4.02(b)(i)(C) of this Series Supplement);

                                       25
<PAGE>

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

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

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

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

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

               (v) to the Holders of the Class M-1 Certificates, an amount equal
        to (x) the Subordinate  Principal  Distribution Amount for such Class of
        Certificates  for such  Distribution  Date,  minus (y) the amount of any
        Class A-P Collection  Shortfalls for such Distribution Date or remaining
        unpaid for all previous  Distribution  Dates,  to the extent the amounts
        available pursuant to clause (x) of Sections  4.02(a)(vii),  (ix), (xi),
        (xiii),  (xiv)  and  (xv) of this  Series  Supplement  are  insufficient
        therefor,  applied in reduction of the Certificate  Principal Balance of
        the Class M-1 Certificates;

                                       26
<PAGE>

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

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

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

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

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

               (xi) to the  Holders  of the  Class B-1  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts  available  pursuant  to clause (x) of  Sections  4.02(a)(xiii),
        (xiv) and (xv) are  insufficient  therefor,  applied in reduction of the
        Certificate Principal Balance of the Class B-1 Certificates;

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

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

                                       27
<PAGE>

               (xiv) to the  Holders  of the Class B-3  Certificates,  an amount
        equal  to  (x)  the  Accrued  Certificate   Interest  thereon  for  such
        Distribution  Date,  plus  any  Accrued  Certificate   Interest  thereon
        remaining unpaid from any previous Distribution Date, except as provided
        below,  minus (y) the amount of any Class A-P Collection  Shortfalls for
        such Distribution Date or remaining unpaid for all previous Distribution
        Dates,  to the extent the  amounts  available  pursuant to clause (x) of
        Section 4.02(a) (xv) are insufficient therefor;

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

               (xvi)  to  the  Senior  Certificates,  on a  pro  rata  basis  in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances,  the portion,  if any, of the  Available  Distribution  Amount
        remaining  after the  foregoing  distributions,  applied  to reduce  the
        Certificate  Principal Balances of such Senior  Certificates,  but in no
        event more than the aggregate of the outstanding  Certificate  Principal
        Balances of each such Class of Senior Certificates,  and thereafter,  to
        each Class of Subordinate  Certificates then outstanding  beginning with
        such Class  with the  Highest  Priority,  any  portion of the  Available
        Distribution  Amount remaining after the Senior  Certificates  have been
        retired,  applied to reduce the  Certificate  Principal  Balance of each
        such Class of  Subordinate  Certificates,  but in no event more than the
        outstanding   Certificate  Principal  Balance  of  each  such  Class  of
        Subordinate Certificates; and

               (xvii) to the Class R-I Certificates, the balance, if any, of the
        Available Distribution Amount.

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

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

                                       28
<PAGE>

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

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

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

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

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

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

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

(ii)           second,  the  Senior  Principal   Distribution  Amount  shall  be
               distributed in the following manner and priority:

                                       29
<PAGE>

(A)            first,  concurrently to the Class R-I  Certificates and the Class
               R-II  Certificates,  on a pro rata basis in accordance with their
               respective Certificate Principal Balances,  until the Certificate
               Principal Balances thereof have been reduced to zero; and

(B)            second, the Senior Principal  Distribution Amount remaining after
               the  payments  of  principal  made  in  accordance  with  Section
               4.02(b)(ii)(A)  above,  shall  be  distributed  in the  following
               manner and priority:

                             (1) first, to the Class A-2  Certificates and Class
                      A-3  Certificates,  on a pro rata basis in accordance with
                      their respective Certificate Principal Balances, until the
                      Certificate   Principal   Balances   of  the   Class   A-2
                      Certificates and Class A-3 Certificates  have been reduced
                      to zero; and

                             (2) second,  to the Class A-5  Certificates,  until
                      the  Certificate   Principal  Balance  of  the  Class  A-5
                      Certificates has been reduced to zero.

(c) On or after the 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 Senior  Certificates  (other  than the Class A-P
Certificates)  will be  disregarded,  and (i) an  amount  equal to the  Discount
Fraction  of  the  principal  portion  of  scheduled  payments  and  unscheduled
collections  received or advanced in respect of the Discount Mortgage Loans will
be  distributed  to the  Class  A-P  Certificates,  (ii)  the  Senior  Principal
Distribution  Amount will be  distributed to the remaining  Senior  Certificates
(other  than the Class  A-P  Certificates)  pro rata in  accordance  with  their
respective  outstanding  Certificate Principal Balances and (iii) the amount set
forth in Section 4.02(a)(i) will be distributed as set forth therein.

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

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

                                       30
<PAGE>

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

(f) Each distribution with respect to a Book-Entry  Certificate shall be paid to
the  Depository,   as  Holder  thereof,  and  the  Depository  shall  be  solely
responsible for crediting the amount of such distribution to the accounts of its
Depository   Participants  in  accordance  with  its  normal  procedures.   Each
Depository  Participant shall be responsible for disbursing such distribution to
the  Certificate  Owners that it represents  and to each indirect  participating
brokerage firm (a "brokerage  firm") for which it acts as agent.  Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners that it
represents.  None of the Trustee, the Certificate Registrar,  the Company or the
Master Servicer shall have any responsibility therefor.

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

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

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

Section 4.05.  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess

                                       31
<PAGE>

Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates,  until the Certificate  Principal Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all Senior  Certificates  (other than the Class A-P Certificates) on a pro
rata basis,  as described  below.  The principal  portion of any Excess  Special
Hazard Losses,  Excess Bankruptcy Losses,  Excess Fraud Losses and Extraordinary
Losses  on  Discount   Mortgage  Loans  will  be  allocated  to  the  Class  A-P
Certificates  in an  amount  equal  to the  Discount  Fraction  thereof  and the
remainder of the principal  portion of such Realized Losses on Discount Mortgage
Loans and the entire amount of such  Realized  Losses on  Non-Discount  Mortgage
Loans will be allocated among the Senior  Certificates (other than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The  interest  portion  of any  Excess  Special  Hazard  Losses,  Excess
Bankruptcy  Losses,  Excess  Fraud  Losses  and  Extraordinary  Losses  will  be
allocated to all the Certificates on a pro rata basis.

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

                                       32
<PAGE>

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

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

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

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

                                       33
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       34
<PAGE>

                                   ARTICLE VI
                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       35
<PAGE>

                                  ARTICLE VII
                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       36
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       37
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       38
<PAGE>

                                    ARTICLE X

                                REMIC PROVISIONS

Section 10.01..REMIC Administration.  (See Section 10.01 of the Standard Terms)

Section 10.02..Master Servicer; REMIC Administrator and Trustee Indemnification.
     (See Section 10.02 of the Standard Terms)

Section 10.03..Designation of REMICs.

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") and will
make an election  to treat the pool of assets  comprised  of the  Uncertificated
REMIC I  Regular  Interests  as a REMIC  ("REMIC  II") for  federal  income  tax
purposes.

        The Uncertificated REMIC I Regular Interests will be "regular interests"
in REMIC I and the Class R-I  Certificates  will be the sole class of  "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined  herein)
under the federal income tax law.

        The Class A-1,  Class A-2,  Class A-3,  Class A-4, Class A-5, Class A-P,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates
and the Uncertificated  REMIC II Regular Interests Z, the rights in and to which
will be represented by the Class A-V Certificates,  will be "regular  interests"
in REMIC II, and the Class R-II Certificates will be the sole class of "residual
interests"  therein for  purposes of the REMIC  Provisions  (as defined  herein)
under federal  income tax law. On and after the date of issuance of any Subclass
of Class A-V Certificates  pursuant to Section  5.01(c),  any such Subclass will
represent the Uncertificated  REMIC II Regular Interest or Interests Z specified
by the initial Holder of the Class A-V Certificates pursuant to said Section.

Section  10.04..Distributions on the Uncertificated REMIC I and REMIC II Regular
     Interests

        (a)On each  Distribution  Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular  Interests,  the
Uncertificated  REMIC I Regular Interest  Distribution  Amounts in the following
order of priority to the extent of the Available  Distribution Amount reduced by
distributions made to the Class R-I Certificates pursuant to Section 4.02(a):

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

               (ii) In  accordance  with  the  priority  set  forth  in  Section
        10.04(b),  an  amount  equal to the sum of the  amounts  in  respect  of
        principal  distributable  on each Class of Certificates  (other than the
        Class R-I  Certificates)  under Section  4.02(a),  as allocated  thereto
        pursuant to Section 4.02(b).

                                       39
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   T,  (ii)
Uncertificated  REMIC I Regular Interest U, (iii) Uncertificated REMIC I Regular
Interest V, (iv)  Uncertificated  REMIC I Regular Interest W, (v) Uncertificated
REMIC I Regular  Interest X and (vi)  Uncertificated  REMIC I Regular Interest Y
with the amount to be distributed  allocated  among such interests in accordance
with the priority assigned to each Related Class of Certificates (other than the
Class  R-I  Certificates),   respectively,   under  Section  4.02(b)  until  the
Uncertificated Principal Balance of each such interest is reduced to zero.

        (c)The  portion  of  the   Uncertificated   REMIC  I  Regular   Interest
Distribution   Amounts  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed by REMIC I to REMIC II in accordance  with the priority  assigned to
the REMIC II Certificates  relative to that assigned to the REMIC I Certificates
under Section 4.02(b).

        (d)In determining from time to time the  Uncertificated  REMIC I Regular
Interest  Distribution  Amounts  and  Uncertificated  REMIC II Regular  Interest
Distribution Amounts:

               (i) Realized Losses allocated to the Class A-V Certificates under
        Section 4.05 shall be deemed  allocated to the  Uncertificated  REMIC II
        Regular  Interests Z pro-rata  according  to the  respective  amounts of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC II Regular  Interests Z for the Distribution  Date
        for  which  such  allocation  is  being  made  in the  absence  of  such
        allocation;

               (ii) Realized Losses  allocated to the Class A-1 Certificates and
        Class A-2  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest U;

               (iii) Realized  Losses  allocated to the Class A-1, Class A-3 and
        Class A-4  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

               (iv) Realized Losses  allocated to the Class A-1 Certificates and
        Class A-5  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

               (v) Realized Losses allocated to the Class A-P Certificates under
        Section 4.05 shall be deemed allocated to Uncertificated REMIC I Regular
        Interest X;

               (vi)  Realized  Losses  allocated  to the Class R-II,  Class M-1,
        Class M-2, Class M-3,  Class B-1,  Class B-2 and Class B-3  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest Y; and

               (vii) Realized Losses  allocated to the  Uncertificated  REMIC II
        Regular Interests Z under clause (i), above,  shall be deemed allocated,
        in each case, to the related Uncertificated REMIC I Regular Interest Z.

        (e)On each  Distribution  Date the Trustee shall be deemed to distribute
from REMIC II, in the  priority  set forth in  Sections  4.02(a) and (b), to the
Holders of each Class of  Certificates  (other than the Class R-I  Certificates)

                                       40
<PAGE>

the  amounts  distributable  thereon  from the  Uncertificated  REMIC I  Regular
Interest  Distribution  Amounts  deemed to have been  received  by REMIC II from
REMIC I under this Section 10.04. The amounts deemed distributed  hereunder with
respect to the Class A-V  Certificates  shall be deemed to have been distributed
in respect of the Uncertificated REMIC II Regular Interests Z in accordance with
their respective  Uncertificated REMIC II Regular Interest Distribution Amounts,
as such  Uncertificated  REMIC II Regular  Interests  Z  comprise  the Class A-V
Certificates.

        (f)Notwithstanding  the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

Section 10.05. Compliance with Withholding Requirements.
               -----------------------------------------

               Notwithstanding  any  other  provision  of  this  Agreement,  the
Trustee or any Paying  Agent,  as  applicable,  shall  comply  with all  federal
withholding  requirements  respecting payments to Certificateholders,  including
interest or original  issue  discount  payments  or  advances  thereof  that the
Trustee or any Paying Agent, as applicable,  reasonably  believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding.  In the event the Trustee or any Paying Agent, as applicable,  does
withhold  any amount  from  interest  or  original  issue  discount  payments or
advances  thereof  to any  Certificateholder  pursuant  to  federal  withholding
requirements, the Trustee or any Paying Agent, as applicable, shall indicate the
amount  withheld  to  such  Certificateholder  pursuant  to the  terms  of  such
requirements.

                                       41
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.  (See Section 11.01 of the Standard Terms)
               -----------------------------------------------------

Section 11.02. Recordation of Agreement; Counterparts. (See Section 11.02 of the
     Standard Terms)

Section 11.03. Limitation on Rights of Certificateholders. (See Section 11.03 of
     the
                      Standard Terms)

Section 11.04. Governing Laws.  (See Section 11.04 of the Standard Terms)

Section 11.05.  Notices.  All demands and notices  hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by registered  mail,  postage  prepaid  (except for notices to the Trustee which
shall be deemed to have been duly given only when received),  to the appropriate
address  for each  recipient  listed in the table  below or, in each case,  such
other address as may  hereafter be furnished in writing to the Master  Servicer,
the Trustee and the Company, as applicable:

---------------------------------- ---------------------------------------------
            RECIPIENT                                         ADDRESS
---------------------------------- ---------------------------------------------
---------------------------------- ---------------------------------------------
Company                            8400 Normandale Lake Boulevard
                                   Suite 250, Minneapolis, Minnesota  55437,
                                        Attention: President
---------------------------------- ---------------------------------------------
---------------------------------- ---------------------------------------------
Master Servicer                    2255 N. Ontario Street, Suite 400
                                   Burbank, California 91504-2130,
                                   Attention:  Managing Director/Master
                                        Servicing
---------------------------------- ---------------------------------------------
---------------------------------- ---------------------------------------------
Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc.
                                        Series 2003-QS7

                                   The Trustee designates its offices located at
                                   c/o DTC Transfer  Services,  55 Water Street,
                                   Jeanette Street Park Entrance,  New York, New
                                   York 10041,  for the purposes of Section 8.12
                                   of the Standard Terms
---------------------------------- ---------------------------------------------
---------------------------------- ---------------------------------------------
Standard & Poor's Ratings          55 Water Street
Services                           41st Floor
                                   New York, New York 10041
---------------------------------- ---------------------------------------------
---------------------------------- ---------------------------------------------
Fitch Ratings                      One State Street Plaza
                                   New York, New York 10004

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

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

                                       42
<PAGE>

shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

Section 11.06.  Required Notices to Rating Agency and Subservicer.  (See Section
     11.06 of the Standard Terms)

Section 11.07.  Severability  of Provisions.  (See Section 11.07 of the Standard
     Terms)

Section 11.08. Supplemental Provisions for Resecuritization.  (See Section 11.08
     of the Standard Terms)

Section 11.09. Allocation of Voting Rights.

               96.0%  of all of the  Voting  Rights  shall  be  allocated  among
Holders of Certificates,  other than the Interest Only  Certificates and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates;  1.0% of all Voting  Rights  shall be allocated
among the  Holders  of the Class A-1  Certificates,  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class A-4  Certificates,  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class A-V  Certificates,  in  accordance  with  their
respective  Percentage  Interests;  0.5% of all Voting Rights shall be allocated
among the  Holders  of the Class R-I  Certificates,  in  accordance  with  their
respective  Percentage  Interests;  and  0.5%  of all  Voting  Rights  shall  be
allocated among the Holders of the Class R-II  Certificates,  in accordance with
their respective Percentage Interests.

Section 11.10. No Petition.

               The Depositor,  Master Servicer and the Trustee, by entering into
this Agreement, and each Certificateholder,  by accepting a Certificate,  hereby
covenant  and agree that they will not at any time  institute  against the Trust
Fund,  or join in any  institution  against  the Trust Fund of,  any  bankruptcy
proceedings  under any United States federal or state  bankruptcy or similar law
in  connection  with any  obligation  with respect to the  Certificates  or this
Agreement.

                                       43
<PAGE>

        IN WITNESS  WHEREOF,  the Company,  the Master  Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                            By:  //s// Joseph Orning
                                               --------------------------------
                                                 Name:   Joseph Orning
                                                 Title:  Vice President

Attest: _//s// Michael Mead___________________
         ------------------                    -
      Name:   Michael Mead
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By:  _//s// Michael Mead
                                               -- -----------------------------
                                                 Name:  Michael Mead
                                                 Title: Associate

Attest:__//s// Joseph Orning__________________
         -------------------
      Name: Joseph Orning
      Title: Associate

                              DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By:  //s// Ronaldo Reyes
                                               ---------------------------------
                                                 Name: Ronaldo Reyes
                                                 Title: Assistant Vice President

                                            By:  //s// James F. Noriega
                                               ---------------------------------
                                                 Name: James F. Noriega
                                                 Title: Associate

Attest:_//s// Barbra Campbell_________
      Name: Barbara Campbell
      Title: Assistant Vice President

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On 29th day of April,  2003 before me, a notary public in and for
said  State,  personally  appeared  Joseph  Orning,  known  to me  to be a  Vice
President of Residential  Accredit  Loans,  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.

                                             //s// Brian S. Bangerter
                                            -----------------------------------
                                                   Notary Public

[Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of April,  2003 before me, a notary public in and
for said State,  personally  appeared _Michael  Mead________,  known to me to be
a(n)  _Associate__________  of  Residential  Funding  Corporation,  one  of  the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

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

                                                    //s// Brian S. Bangerter
                                                   -----------------------------
                                                          Notary Public

[Notarial Seal]

<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of April,  2003 before me, a notary public in and
for said State, personally appeared _Ronaldo  Reyes_________,  known to me to be
a(n)  _Associate_______  of Deutsche Bank Trust Company  Americas,  the 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.

                                                    //s// Brent Wayne Hoyler
                                                          Notary Public

[Notarial Seal]

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of April,  2003 before me, a notary public in and
for said State,  personally  appeared  _James F. Noriega  known to me to be a(n)
_Associate _______ of Deutsche Bank Trust Company Americas, the 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.

                                                   //s// Brent Wayne Hoyler
                                                          Notary Public

[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 09.04.55           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS7                                  CUTOFF : 04/01/03
  POOL       : 0004680
             :
             :
  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
  ---------------------------------------------------------------------------

      4173558                              .2500
      100,505.25                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.0000                        2.5450

      7996337                              .2500
      250,083.68                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8017893                              .2500
      198,665.89                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8017907                              .2500
      151,162.99                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8030253                              .2500
      239,443.92                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8040807                              .2500
      243,819.16                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450
1

      8046021                              .2500
      458,833.47                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8061271                              .2500
      197,926.69                          .0800
            6.6000                         .0000
            6.3500                         .0000
            6.2700                         .0000
            6.0000                         .2700

      8064993                              .2500
      239,609.99                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8089053                              .2500
       33,867.36                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.0000                        1.4200

      8094141                              .2500
      170,990.76                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8100701                              .2500
      213,296.99                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8109999                              .2500
      234,470.56                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8133025                              .2500
      235,328.81                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700
1

      8133205                              .2500
      143,326.02                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8153067                              .2500
       71,821.80                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.0000                        1.4200

      8163991                              .2500
      206,813.02                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8169005                              .2500
      249,686.45                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8176769                              .2500
      233,917.72                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8180711                              .2500
      220,692.52                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8189497                              .2500
      242,853.62                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8195097                              .2500
      104,408.69                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450
1

      8195357                              .2500
      163,232.39                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8206857                              .2500
      232,627.99                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8206945                              .2500
      241,672.03                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8215417                              .2500
      103,131.72                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8222077                              .2500
      541,392.14                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8244467                              .2500
      114,072.41                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8249579                              .2500
       62,071.10                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8256749                              .2500
       38,617.53                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.0000                        1.4200
1

      8275635                              .2500
      268,110.29                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8277225                              .2500
      383,215.06                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8282717                              .2500
      232,229.30                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8283723                              .2500
       77,125.86                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8283867                              .2500
       88,123.98                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8285877                              .2500
      197,759.29                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8285959                              .2500
      260,364.46                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8286027                              .2500
      100,556.73                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950
1

      8287541                              .2500
       47,802.40                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      8288747                              .2500
       86,621.19                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8292217                              .2500
      234,497.23                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8308375                              .2500
      180,082.43                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8309079                              .2500
      279,159.60                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8309929                              .2500
       56,855.51                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8318711                              .2500
      768,048.18                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8353505                              .2500
      211,435.77                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950
1

      8353985                              .2500
      147,756.66                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8354070                              .2500
      340,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8354272                              .2500
      435,355.67                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8354388                              .2500
      403,607.33                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8354822                              .2500
      218,107.40                          .0800
            6.6250                         .0000
            6.3750                         .0000
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      8582225                              .2500
      166,500.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000
1

      8582605                              .2500
      112,800.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8582735                              .2500
      109,200.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8582741                              .2500
      176,400.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8582825                              .2500
      178,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8582899                              .2500
      278,900.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8582905                              .2500
      123,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8582935                              .2500
      195,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8582973                              .2500
      142,800.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450
1

      8583013                              .2500
      165,600.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8583023                              .2500
      120,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8583073                              .2500
      168,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8583341                              .2500
      168,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8583475                              .2500
      260,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8583809                              .2500
      247,500.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8583999                              .2500
      171,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8584125                              .2500
      108,800.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700
1

      8584193                              .2500
      160,400.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8584381                              .2500
      129,900.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8584423                              .2500
      217,500.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8584439                              .2500
      152,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8584447                              .2500
      107,200.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8584449                              .2500
      161,300.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8584451                              .2500
      208,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8584491                              .2500
      130,500.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450
1

      8584559                              .2500
      457,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8584593                              .2500
      225,250.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8584613                              .2500
      247,410.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8584651                              .2500
      104,400.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8584661                              .2500
      145,350.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8586985                              .2500
      200,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8587009                              .2500
      110,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8587025                              .2500
      129,000.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000
1

      8587031                              .2500
      102,500.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8587043                              .2500
      243,750.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8587049                              .2500
      236,900.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8587059                              .2500
      178,750.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8587089                              .2500
       96,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8587103                              .2500
      181,600.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8587109                              .2500
      229,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8587657                              .2500
      135,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8587699                              .2500
      210,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8587709                              .2500
      167,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8587721                              .2500
      190,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8587729                              .2500
      221,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8587737                              .2500
      200,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8587827                              .2500
      600,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8588027                              .2500
      140,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8588067                              .2500
      106,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000
1

      8588079                              .2500
      124,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8588105                              .2500
      380,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8588135                              .2500
      147,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8588211                              .2500
      649,289.25                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8588213                              .2500
      122,451.99                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      8588215                              .2500
      224,611.14                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8588453                              .2500
      288,400.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8588513                              .2500
      585,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000
1

      8588531                              .2500
      110,800.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8588545                              .2500
      180,500.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      8588553                              .2500
       76,800.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8588583                              .2500
      186,400.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8588585                              .2500
      264,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8588671                              .2500
      300,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8588685                              .2500
      117,500.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8588753                              .2500
      230,400.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8588757                              .2500
      137,029.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8588783                              .2500
       95,900.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8588883                              .2500
      188,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8588923                              .2500
      110,950.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8589309                              .2500
      340,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8589325                              .2500
      230,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8589637                              .2500
      232,900.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8590259                              .2500
      320,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000
1

      8590453                              .2500
      499,900.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8590463                              .2500
       97,400.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      8590563                              .2500
      173,200.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8590809                              .2500
      216,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8591259                              .2500
      188,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8591477                              .2500
      120,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8591581                              .2500
      196,500.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8592211                              .2500
      235,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950
1

      8592315                              .2500
      150,500.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8592503                              .2500
      252,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8592519                              .2500
      140,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8592925                              .2500
      270,900.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      8592959                              .2500
      172,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8593205                              .2500
      137,700.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8593263                              .2500
      144,750.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8593309                              .2500
      146,250.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8593461                              .2500
      175,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8593659                              .2500
      303,900.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8593773                              .2500
      448,803.68                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8593835                              .2500
      198,300.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8593941                              .2500
      106,200.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8594353                              .2500
      400,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8594507                              .2500
      162,350.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8594939                              .2500
      250,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000
1

      8595145                              .2500
      155,500.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8595175                              .2500
      165,500.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8595189                              .2500
      104,200.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      8595753                              .2500
      149,500.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8595765                              .2500
       81,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      8597177                              .2500
      219,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8597289                              .2500
      480,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8597349                              .2500
      368,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000
1

      8597559                              .2500
      200,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8597685                              .2500
      128,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8598021                              .2500
      314,700.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8598651                              .2500
      108,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8598897                              .2500
       60,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8601139                              .2500
      245,446.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8601669                              .2500
      112,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      8601969                              .2500
      100,400.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000
1

      8601993                              .2500
       90,400.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      8603657                              .2500
      146,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8604697                              .2500
      420,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8609257                              .2500
      338,400.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8609793                              .2500
      114,665.67                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8610389                              .2500
      109,893.09                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8610653                              .2500
      170,100.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8611079                              .2500
      320,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000
1

      8611787                              .2500
      110,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8616231                              .2500
      204,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8622709                              .2500
      139,774.58                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8622719                              .2500
      143,853.19                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8622737                              .2500
      182,555.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8622739                              .2500
      376,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8622751                              .2500
      236,614.77                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

  TOTAL NUMBER OF LOANS:     1741
  TOTAL BALANCE........:        323,298,899.17

  RUN ON     : 04/24/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 09.04.55            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS7        FIXED SUMMARY REPORT      CUTOFF : 04/01/03
  POOL       : 0004680
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        6.3464            5.3750      8.8750
  RFC NET RATE                          6.0964            5.1250      8.6250
  NET MTG RATE(INVSTR RATE)             6.0438            5.0950      8.5450
  POST STRIP RATE                       5.8870            5.0950      6.0000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0526             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1568             .0000      2.5450

  TOTAL NUMBER OF LOANS:  1741
  TOTAL BALANCE........:     323,298,899.17

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 09.04.55          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS7                                  CUTOFF : 04/01/03
  POOL       : 0004680
             :
             :
  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 #
  ______________________________________________________________________________

    4173558          S27/G02             F          103,950.00         ZZ
                                         360        100,505.25          4
                                       8.875            827.07         90
                                       8.625            827.07
    RIVIERA BEACH    FL   33404          1            01/16/01         10
    0432628428                           05           03/01/01         25
    1010006500                           N            02/01/31
    0

    7996337          E82/G01             F          251,500.00         ZZ
                                         360        250,083.68          1
                                       6.375          1,569.03         74
                                       6.125          1,569.03
    CULVER CITY      CA   90230          2            08/28/02         00
    0400689055                           01           11/01/02          0
    1849012                              O            10/01/32
    0

    8017893          E22/G01             F          200,000.00         ZZ
                                         360        198,665.89          1
                                       6.500          1,264.14         55
                                       6.250          1,264.14
    HAYWARD          CA   94544          5            08/29/02         00
    0414632687                           05           11/01/02          0
    0414632687                           O            10/01/32
    0

    8017907          E22/G01             F          152,000.00         ZZ
                                         360        151,162.99          1
                                       6.500            960.74         71
                                       6.250            960.74
    CONCORD          CA   94520          5            08/30/02         00
    0414647602                           09           11/01/02          0
1

    0414647602                           O            10/01/32
    0

    8030253          E82/G01             F          240,800.00         ZZ
                                         360        239,443.92          1
                                       6.375          1,502.28         41
                                       6.125          1,502.28
    PLEASANTON       CA   94566          2            09/05/02         00
    0400687042                           05           11/01/02          0
    1789767                              O            10/01/32
    0

    8040807          E82/G01             F          245,200.00         ZZ
                                         360        243,819.16          1
                                       6.375          1,529.73         72
                                       6.125          1,529.73
    NORTH HOLLYWOOD  CA   91602          2            09/11/02         00
    0400684593                           05           11/01/02          0
    1332946                              O            10/01/32
    0

    8046021          X31/G01             F          461,250.00         ZZ
                                         360        458,833.47          1
                                       6.750          2,991.66         75
                                       6.500          2,991.66
    SOUTH PASADENA   CA   91030          5            09/09/02         00
    0434649091                           05           11/01/02          0
    40103760                             O            10/01/32
    0

    8061271          550/550             F          199,000.00         ZZ
                                         360        197,926.69          1
                                       6.600          1,270.94         40
                                       6.350          1,270.94
    CULVER CITY      CA   90066          2            09/19/02         00
    120604991                            05           11/01/02          0
    120604991                            O            10/01/32
    0

    8064993          E82/G01             F          241,000.00         ZZ
                                         360        239,609.99          1
                                       6.250          1,483.88         44
                                       6.000          1,483.88
    STUDIO CITY      CA   91604          2            09/25/02         00
    0400690426                           05           11/01/02          0
    1761453                              O            10/01/32
    0

1

    8089053          X13/G02             F           34,000.00         ZZ
                                         360         33,867.36          1
                                       7.750            243.58         66
                                       7.500            243.58
    BROOKSVILLE      FL   34602          5            10/31/02         00
    0434686127                           05           12/01/02          0
    9611745                              N            11/01/32
    0

    8094141          E22/G01             F          172,000.00         ZZ
                                         360        170,990.76          1
                                       6.250          1,059.03         60
                                       6.000          1,059.03
    POWAY            CA   92064          5            09/27/02         00
    0415069012                           05           12/01/02          0
    0415069012                           O            11/01/32
    0

    8100701          E82/G01             F          214,300.00         ZZ
                                         360        213,296.99          1
                                       6.375          1,336.95         79
                                       6.125          1,336.95
    FOLSOM           CA   95630          2            10/04/02         00
    0400698882                           05           12/01/02          0
    4872184                              O            11/01/32
    0

    8109999          E82/G01             F          235,600.00         ZZ
                                         360        234,470.56          1
                                       6.250          1,450.63         64
                                       6.000          1,450.63
    YORBA LINDA      CA   92886          2            10/09/02         00
    0400707600                           05           12/01/02          0
    1832107                              O            11/01/32
    0

    8133025          E82/G01             F          237,000.00         ZZ
                                         360        235,328.81          1
                                       6.500          1,498.00         48
                                       6.250          1,498.00
    VISTA            CA   92083          2            10/11/02         00
    0400693784                           05           12/01/02          0
    1713792                              O            11/01/32
    0

    8133205          E82/G01             F          144,000.00         ZZ
                                         360        143,326.02          1
                                       6.375            898.37         56
                                       6.125            898.37
1

    CITRUS HEIGHTS   CA   95610          2            10/10/02         00
    0400686846                           05           12/01/02          0
    1900907                              O            11/01/32
    0

    8153067          F28/G02             F           72,500.00         ZZ
                                         360         71,821.80          1
                                       7.750            519.40        100
                                       7.500            519.40
    DAWSON           IL   62520          1            03/28/02         10
    0434794541                           04           05/01/02         35
    1489837                              O            04/01/32
    0

    8163991          E82/G01             F          208,600.00         ZZ
                                         360        206,813.02          1
                                       6.375          1,301.39         63
                                       6.125          1,301.39
    THOUSAND OAKS    CA   91320          2            10/29/02         00
    0400703492                           03           01/01/03          0
    1911405                              O            12/01/32
    0

    8169005          E82/G01             F          250,600.00         ZZ
                                         360        249,686.45          1
                                       6.500          1,583.96         34
                                       6.250          1,583.96
    SAN FRANCISCO    CA   94114          2            10/30/02         00
    0400704409                           07           01/01/03          0
    1728403                              O            12/01/32
    0

    8176769          E82/G01             F          235,400.00         ZZ
                                         360        233,917.72          1
                                       6.375          1,468.59         67
                                       6.125          1,468.59
    LOS ANGELES      CA   90045          2            10/29/02         00
    0400727947                           05           01/01/03          0
    1853547                              O            12/01/32
    0

    8180711          E22/G01             F          221,500.00         ZZ
                                         360        220,692.52          1
                                       6.500          1,400.03         90
                                       6.250          1,400.03
    CITRUS HEIGHTS   CA   95621          1            10/29/02         01
    0415244821                           05           01/01/03         25
    0415244821                           O            12/01/32
    0
1

    8189497          E82/G01             F          243,700.00         ZZ
                                         360        242,853.62          3
                                       6.750          1,580.63         73
                                       6.500          1,580.63
    LOS ANGELES      CA   90039          2            11/01/02         00
    0400709887                           05           01/01/03          0
    3752727                              O            12/01/32
    0

    8195097          E84/G02             F          105,000.00         ZZ
                                         360        104,408.69          1
                                       6.375            655.06         68
                                       6.125            655.08
    DENVER           CO   80203          5            09/27/02         00
    0434865994                           05           11/01/02          0
    32807354                             N            10/01/32
    0

    8195357          F89/G02             F          164,000.00         ZZ
                                         360        163,232.39          1
                                       6.375          1,023.15         80
                                       6.125          1,023.15
    WILDOMAR         CA   92595          1            10/30/02         00
    0434898417                           27           12/01/02          0
    11623624                             O            11/01/32
    0

    8206857          E82/G01             F          233,500.00         ZZ
                                         360        232,627.99          1
                                       6.375          1,456.74         64
                                       6.125          1,456.74
    SIMI VALLEY      CA   93065          2            11/04/02         00
    0400724043                           03           01/01/03          0
    1855609                              O            12/01/32
    0

    8206945          E82/G01             F          242,600.00         ZZ
                                         360        241,672.03          1
                                       6.250          1,493.73         41
                                       6.000          1,493.73
    REDWOOD CITY     CA   94061          2            11/06/02         00
    0400725230                           05           01/01/03          0
    1858338                              O            12/01/32
    0

    8215417          E22/G02             F          103,500.00         ZZ
                                         360        103,131.72          2
1

                                       6.625            662.72         90
                                       6.375            662.72
    TRENTON          NJ   08638          1            11/18/02         04
    0415280957                           05           01/01/03         25
    0415280957                           N            12/01/32
    0

    8222077          B57/G01             F          544,000.00         ZZ
                                         360        541,392.14          1
                                       6.250          3,349.50         80
                                       6.000          3,349.50
    LOS ANGELES      CA   90066          5            10/26/02         00
    0434973103                           05           12/01/02          0
    10006476                             O            11/01/32
    0

    8244467          E82/G01             F          114,500.00         ZZ
                                         360        114,072.41          1
                                       6.375            714.33         69
                                       6.125            714.33
    MADERA           CA   93637          2            11/21/02         00
    0400728630                           05           01/01/03          0
    1986455                              O            12/01/32
    0

    8249579          E22/G01             F           62,225.00         ZZ
                                         360         62,071.10          1
                                       7.000            413.98         96
                                       6.750            413.98
    MONTGOMERY       AL   36116          1            12/02/02         10
    0415138338                           07           02/01/03         35
    0415138338                           O            01/01/33
    0

    8256749          E22/G02             F           38,700.00         ZZ
                                         360         38,617.53          1
                                       7.750            277.25         90
                                       7.500            277.25
    EASTON           PA   18042          1            12/04/02         10
    0415459619                           07           02/01/03         25
    0415459619                           N            01/01/33
    0

    8275635          X89/G02             F          269,000.00         ZZ
                                         360        268,110.29          1
                                       7.000          1,789.66         73
                                       6.750          1,789.66
    PASADENA         CA   91104          5            11/19/02         00
    0435045687                           05           01/01/03          0
1

    0100239249                           O            12/01/32
    0

    8277225          369/G02             F          384,000.00         T
                                         360        383,215.06          1
                                       5.875          2,271.51         47
                                       5.625          2,271.51
    RIO GRANDE       NJ   08242          5            01/14/03         00
    0435556519                           05           03/01/03          0
    27135004                             O            02/01/33
    0

    8282717          E82/G01             F          233,300.00         ZZ
                                         360        232,229.30          1
                                       6.250          1,436.47         50
                                       6.000          1,436.47
    CHINO HILLS      CA   91709          2            12/06/02         00
    0400736906                           03           02/01/03          0
    1795853                              O            01/01/33
    0

    8283723          286/286             F           77,600.00         ZZ
                                         360         77,125.86          1
                                       6.500            490.49         70
                                       6.250            490.49
    LAS VEGAS        NV   89108          2            10/09/02         00
    1658671                              01           12/01/02          0
    1658671                              N            11/01/32
    0

    8283867          286/286             F           88,500.00         ZZ
                                         360         88,123.98          1
                                       6.875            581.38         77
                                       6.625            581.38
    INDIANAPOLIS     IN   46240          2            10/09/02         00
    1604794                              05           12/01/02          0
    1604794                              N            11/01/32
    0

    8285877          E82/G01             F          198,300.00         ZZ
                                         360        197,759.29          1
                                       6.500          1,253.39         63
                                       6.250          1,253.39
    OAK RUN          CA   96069          2            12/03/02         00
    0400732103                           05           02/01/03          0
    1823257                              O            01/01/33
    0

1

    8285959          E22/G02             F          262,000.00         ZZ
                                         240        260,364.46          1
                                       6.375          1,934.17         80
                                       6.125          1,934.17
    MIAMI            FL   33165          2            12/13/02         00
    0414993535                           05           02/01/03          0
    0414993535                           N            01/01/23
    0

    8286027          E22/G02             F          100,800.00         ZZ
                                         360        100,556.73          1
                                       7.125            679.11         90
                                       6.875            679.11
    JACKSON          MI   49202          1            12/13/02         01
    0415403922                           05           02/01/03         25
    0415403922                           N            01/01/33
    0

    8287541          286/286             F           48,000.00         ZZ
                                         360         47,802.40          1
                                       7.500            335.63         80
                                       7.250            335.63
    KANSAS CITY      MO   64127          5            10/16/02         00
    1635312                              05           12/01/02          0
    1635312                              N            11/01/32
    0

    8288747          286/286             F           87,000.00         ZZ
                                         360         86,621.19          1
                                       6.750            564.29         75
                                       6.500            564.29
    ATLANTA          GA   30310          5            10/31/02         00
    1710723                              05           12/01/02          0
    1710723                              N            11/01/32
    0

    8292217          E82/G01             F          237,400.00         ZZ
                                         360        234,497.23          1
                                       6.250          1,461.71         64
                                       6.000          1,461.71
    COSTA MESA       CA   92626          2            12/11/02         00
    0400739207                           05           02/01/03          0
    1912955                              O            01/01/33
    0

    8308375          E47/G02             F          180,700.00         ZZ
                                         360        180,082.43          1
                                       6.250          1,112.60         80
                                       6.000          1,112.60
1

    CLINTON          MD   20735          1            12/13/02         00
    0435123518                           05           02/01/03          0
    7342510371                           O            01/01/33
    0

    8309079          X27/G02             F          280,000.00         ZZ
                                         360        279,159.60          1
                                       6.000          1,678.74         80
                                       5.750          1,678.74
    YUCAIPA          CA   92399          2            12/05/02         00
    0435148838                           03           02/01/03          0
    20000794                             O            01/01/33
    0

    8309929          E22/G02             F           57,000.00         ZZ
                                         360         56,855.51          1
                                       6.875            374.45         80
                                       6.625            374.45
    PUEBLO           CO   81003          2            12/24/02         00
    0415276971                           05           02/01/03          0
    0415276971                           N            01/01/33
    0

    8318711          696/G02             F          770,000.00         ZZ
                                         360        768,048.18          1
                                       6.875          5,058.35         41
                                       6.625          5,058.35
    ROUND HILL       VA   20141          5            12/17/02         00
    0435229364                           05           02/01/03          0
    50102225                             O            01/01/33
    0

    8353505          825/G02             F          212,000.00         ZZ
                                         360        211,435.77          3
                                       6.625          1,357.46         80
                                       6.375          1,357.46
    OAKDALE          CA   95361          1            12/30/02         00
    0435245683                           05           02/01/03          0
    FREEBY                               N            01/01/33
    0

    8353985          964/G02             F          148,000.00         ZZ
                                         360        147,756.66          2
                                       7.000            984.65         80
                                       6.750            984.65
    EUGENE           OR   97401          1            12/04/02         00
    0435178702                           05           02/01/03          0
    290204                               N            01/01/33
    0
1

    8354070          E23/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.000          2,038.47         80
                                       5.750          2,038.47
    ANTIOCH          CA   94531          5            02/27/03         00
    0435543442                           05           05/01/03          0
    61009990                             O            04/01/33
    0

    8354272          N16/G02             F          435,800.00         ZZ
                                         360        435,355.67          1
                                       5.875          2,577.93         76
                                       5.625          2,577.93
    SOUTH PASADENA   CA   91030          5            02/28/03         00
    0435499314                           05           04/07/03          0
    N16                                  O            03/07/33
    0

    8354388          E23/G02             F          404,000.00         ZZ
                                         360        403,607.33          1
                                       6.125          2,454.75         80
                                       5.875          2,454.75
    ALAMEDA          CA   94501          5            02/27/03         00
    0435572623                           05           04/01/03          0
    62006020                             O            03/01/33
    0

    8354822          E23/G02             F          218,300.00         ZZ
                                         360        218,107.40          1
                                       6.625          1,397.80         80
                                       6.375          1,397.80
    AGOURA HILLS     CA   91301          2            02/13/03         00
    0435577879                           01           04/01/03          0
    51024185                             O            03/01/33
    0

    8354944          W98/G02             F          240,000.00         ZZ
                                         360        239,788.25          1
                                       6.625          1,536.75         59
                                       6.375          1,536.75
    FAIRFAX          VA   22032          5            02/28/03         00
    0435563267                           05           04/01/03          0
    F0408011                             O            03/01/33
    0

    8355062          E23/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
1

                                       6.125          1,063.32         68
                                       5.875          1,063.32
    PICO RIVERA      CA   90660          1            03/05/03         00
    0435569132                           05           05/01/03          0
    51026700                             O            04/01/33
    0

    8355147          E22/G02             F          292,000.00         ZZ
                                         360        291,444.44          4
                                       6.250          1,797.89         80
                                       6.000          1,797.89
    CORONA           CA   92882          1            01/03/03         00
    0415812379                           05           03/01/03          0
    0415812379                           N            02/01/33
    0

    8356754          E23/G02             F          403,660.00         ZZ
                                         360        403,660.00          1
                                       6.000          2,420.15         71
                                       5.750          2,420.15
    SAN DIEGO        CA   92129          5            03/14/03         00
    0435575998                           05           05/01/03          0
    11017717                             O            04/01/33
    0

    8356906          N16/G02             F          105,000.00         ZZ
                                         360        104,913.93          1
                                       7.000            698.57         84
                                       6.750            698.57
    WINDSOR          CT   06095          5            03/19/03         04
    0435561923                           03           04/29/03         12
    N16                                  O            03/29/33
    0

    8356912          Q51/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.000          2,398.20         78
                                       5.750          2,398.20
    TORRANCE         CA   90503          1            03/12/03         00
    0435558564                           29           05/01/03          0
    680873                               O            04/01/33
    0

    8357612          E23/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.500          3,160.34         78
                                       6.250          3,160.34
    (SAN DIEGO AREA  CA   92127          1            03/12/03         00
    0435577655                           03           05/01/03          0
1

    11017822                             O            04/01/33
    0

    8357762          N16/G02             F          586,000.00         ZZ
                                         360        585,402.55          1
                                       5.875          3,466.41         79
                                       5.625          3,466.41
    ZEPHYR COVE      NV   89448          2            03/14/03         00
    0435570486                           05           04/24/03          0
    449528956                            O            03/24/33
    0

    8357848          E23/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.125          1,458.27         75
                                       5.875          1,458.27
    COOL             CA   95614          5            03/03/03         00
    0435571096                           05           05/01/03          0
    51024950                             O            04/01/33
    0

    8357896          E23/G02             F          353,800.00         ZZ
                                         360        353,800.00          1
                                       6.125          2,149.73         79
                                       5.875          2,149.73
    BRENTWOOD        CA   94513          1            03/03/03         00
    0435575568                           05           05/01/03          0
    61009473                             O            04/01/33
    0

    8358316          E23/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.125          1,458.27         80
                                       5.875          1,458.27
    MESA             AZ   85207          1            03/14/03         00
    0435579396                           05           05/01/03          0
    41006462                             N            04/01/33
    0

    8358408          X82/G02             F          223,900.00         ZZ
                                         360        223,900.00          1
                                       6.250          1,378.59         80
                                       6.000          1,378.59
    CENTREVILLE      VA   20121          1            03/21/03         00
    0435580808                           07           05/01/03          0
    854294                               O            04/01/33
    0

1

    8358418          E23/G02             F          206,400.00         ZZ
                                         360        206,400.00          1
                                       5.875          1,220.93         80
                                       5.625          1,220.93
    CLOVIS           CA   93611          5            03/06/03         00
    0435585211                           05           05/01/03          0
    61009685                             O            04/01/33
    0

    8358756          H22/G02             F          135,000.00         ZZ
                                         240        135,000.00          1
                                       6.000            967.18         31
                                       5.750            967.18
    WHITESTONE       NY   11357          5            03/27/03         00
    0435600796                           05           05/01/03          0
    0302002                              O            04/01/23
    0

    8359030          E23/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.250          1,182.18         80
                                       6.000          1,182.18
    NORWALK          CA   90650          5            03/11/03         00
    0435588728                           05           05/01/03          0
    51026860                             O            04/01/33
    0

    8359414          E23/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.875          1,208.75         80
                                       6.625          1,208.75
    (WINNETKA AREA)  CA   91306          1            03/14/03         00
    0435605951                           01           05/01/03          0
    51026903                             N            04/01/33
    0

    8359984          E23/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.125          1,519.03         75
                                       5.875          1,519.03
    FOLSOM           CA   95630          5            03/19/03         00
    0435606645                           05           05/01/03          0
    64000997                             O            04/01/33
    0

    8360543          N67/G02             F          135,000.00         ZZ
                                         360        134,752.92          2
                                       8.500          1,038.03         90
                                       8.250          1,038.03
1

    CICERO           IL   60804          1            12/17/02         12
    0435212196                           05           02/01/03         30
    3261002772                           O            01/01/33
    0

    8360846          L68/G02             F          148,200.00         ZZ
                                         360        148,200.00          1
                                       7.000            985.98         95
                                       6.750            985.98
    COLTON           CA   92324          5            03/20/03         14
    0435639836                           03           05/01/03         30
    5365341                              O            04/01/33
    0

    8361198          168/168             F           53,900.00         ZZ
                                         360         53,900.00          1
                                       6.750            349.59         70
                                       6.500            349.59
    UNION            NY   13760          5            03/07/03         00
    0099593556                           05           05/01/03          0
    0099593556                           N            04/01/33
    0

    8361329          N67/G02             F           71,800.00         ZZ
                                         360         71,643.10          1
                                       7.625            508.20         80
                                       7.375            508.20
    LAS VEGAS        NV   89103          1            12/12/02         00
    0435214333                           01           02/01/03          0
    1162001219                           O            01/01/33
    0

    8361496          E23/G02             F          357,000.00         ZZ
                                         360        357,000.00          1
                                       6.125          2,169.17         77
                                       5.875          2,169.17
    IRVINE           CA   92606          2            03/17/03         00
    0435631627                           01           05/01/03          0
    51025126                             N            04/01/33
    0

    8362422          E23/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.000            839.37         80
                                       5.750            839.37
    OCEANSIDE        CA   92057          1            03/21/03         00
    0435669361                           01           05/01/03          0
    51024422                             O            04/01/33
    0
1

    8372159          E22/G02             F           92,000.00         T
                                         360         91,848.74          1
                                       7.000            612.08         80
                                       6.750            612.08
    WELLINGTON       FL   33414          1            01/17/03         00
    0415849546                           01           03/01/03          0
    0415849546                           O            02/01/33
    0

    8374127          E47/G02             F          196,750.00         ZZ
                                         360        196,375.67          1
                                       6.250          1,211.42         80
                                       6.000          1,211.42
    TURLOCK          CA   95382          1            01/07/03         00
    0435284476                           05           03/01/03          0
    7359512939                           O            02/01/33
    0

    8376261          964/G02             F          525,000.00         ZZ
                                         360        523,497.76          1
                                       6.250          3,232.52         66
                                       6.000          3,232.52
    SAN LUIS OBISPO  CA   93401          5            12/23/02         00
    0435264239                           05           02/01/03          0
    289942                               O            01/01/33
    0

    8378659          E33/G02             F          450,000.00         ZZ
                                         360        449,573.02          1
                                       6.250          2,770.73         75
                                       6.000          2,770.73
    LAKE FOREST      IL   60045          5            02/21/03         00
    0435552815                           05           04/01/03          0
    325484838                            O            03/01/33
    0

    8381153          286/286             F           57,150.00         ZZ
                                         360         56,978.72          3
                                       7.500            399.61         90
                                       7.250            399.61
    PITTSBURGH       PA   15206          1            11/20/02         11
    1674053                              05           01/01/03         25
    1674053                              N            12/01/32
    0

    8381197          286/286             F          136,000.00         ZZ
                                         360        135,561.06          4
1

                                       7.125            916.26         80
                                       6.875            916.26
    SPENCER          OH   44275          1            11/19/02         00
    1717135                              05           01/01/03          0
    1717135                              N            12/01/32
    0

    8381241          286/286             F          135,000.00         ZZ
                                         360        134,393.19          4
                                       7.250            920.94         59
                                       7.000            920.94
    SANDY            UT   84070          2            11/25/02         00
    1666640                              05           01/01/03          0
    1666640                              N            12/01/32
    0

    8392873          E22/G02             F           63,630.00         ZZ
                                         360         63,520.13          2
                                       6.750            412.70         90
                                       6.500            412.70
    LUDINGTON        MI   49431          1            01/27/03         01
    0415775600                           05           03/01/03         25
    0415775600                           N            02/01/33
    0

    8394243          W02/G02             F           88,500.00         ZZ
                                         360         88,314.74          1
                                       5.750            516.47         89
                                       5.500            516.47
    NEW PORT RICHEY  FL   34652          5            01/13/03         12
    0435328299                           05           03/01/03         25
    1001872844                           O            02/01/33
    0

    8399141          T44/G02             F          153,000.00         ZZ
                                         360        152,742.20          1
                                       6.875          1,005.10         57
                                       6.625          1,005.10
    ELK GROVE        CA   95624          5            01/14/03         00
    0435537428                           05           03/01/03          0
    1063514                              N            02/01/33
    0

    8403675          E22/G02             F          105,000.00         ZZ
                                         360        104,818.69          1
                                       6.750            681.03         75
                                       6.500            681.03
    CHAPEL HILL      NC   27514          5            01/31/03         00
    0415741388                           01           03/01/03          0
1

    0415741388                           N            02/01/33
    0

    8407277          964/G02             F          448,000.00         ZZ
                                         360        446,961.77          1
                                       6.375          2,794.94         79
                                       6.125          2,794.94
    HUFFMAN          TX   77336          2            01/17/03         00
    0435354949                           03           03/01/03          0
    297730                               O            02/01/33
    0

    8407457          964/G02             F           82,500.00         ZZ
                                         360         81,878.95          1
                                       6.250            507.97         62
                                       6.000            507.97
    LAS VEGAS        NV   89115          2            01/20/03         00
    0435355011                           05           03/01/03          0
    321298                               N            02/01/33
    0

    8416219          286/286             F           76,500.00         ZZ
                                         360         76,328.61          1
                                       7.500            534.90         90
                                       7.250            534.90
    PHILADELPHIA     PA   19135          1            12/06/02         21
    1610264                              05           02/01/03         25
    1610264                              N            01/01/33
    0

    8416253          286/286             F           81,000.00         ZZ
                                         360         80,809.27          1
                                       7.250            552.57         75
                                       7.000            552.57
    EASTLAKE         OH   44095          5            12/17/02         00
    1825901                              05           02/01/03          0
    1825901                              N            01/01/33
    0

    8416545          286/286             F          184,800.00         ZZ
                                         360        184,271.21          1
                                       6.250          1,137.85         70
                                       6.000          1,137.85
    ATLANTA          GA   30318          5            12/09/02         00
    1643454                              05           02/01/03          0
    1643454                              N            01/01/33
    0

1

    8416815          286/286             F           65,808.00         ZZ
                                         360         65,311.21          2
                                       6.375            410.56         80
                                       6.125            410.56
    OGDEN            UT   84401          1            07/17/02         00
    1447911                              05           09/01/02          0
    1447911                              N            08/01/32
    0

    8416935          286/286             F          147,750.00         ZZ
                                         360        147,122.17          2
                                       6.875            970.62         79
                                       6.625            970.62
    GARLAND          TX   75043          5            10/29/02         00
    1641386                              05           12/01/02          0
    1641386                              N            11/01/32
    0

    8416941          286/286             F          147,750.00         ZZ
                                         360        147,122.17          2
                                       6.875            970.62         80
                                       6.625            970.62
    GARLAND          TX   75043          2            10/29/02         00
    1641887                              05           12/01/02          0
    1641887                              N            11/01/32
    0

    8416987          286/286             F           87,300.00         ZZ
                                         360         87,092.74          1
                                       7.250            595.54         90
                                       7.000            595.54
    HAZEL PARK       MI   48030          1            12/04/02         11
    1790437                              05           02/01/03         25
    1790437                              N            01/01/33
    0

    8417005          286/286             F          123,500.00         ZZ
                                         360        123,163.26          2
                                       6.500            780.60         75
                                       6.250            780.60
    CINCINNATI       OH   45212          5            12/05/02         00
    1725450                              05           02/01/03          0
    1725450                              N            01/01/33
    0

    8417011          286/286             F           81,000.00         ZZ
                                         360         80,680.18          1
                                       7.250            552.57         90
                                       7.000            552.57
1

    SAINT PAUL       MN   55103          1            10/30/02         14
    1701959                              05           12/01/02         25
    1701959                              N            11/01/32
    0

    8417075          286/286             F           61,200.00         ZZ
                                         360         60,972.09          1
                                       6.875            402.05         80
                                       6.625            402.05
    MIAMISBURG       OH   45342          1            11/29/02         00
    1820299                              05           01/01/03          0
    1820299                              N            12/01/32
    0

    8423195          K15/G02             F           97,900.00         ZZ
                                         360         97,759.95          1
                                       7.700            697.99         89
                                       7.450            697.99
    WESTMINSTER      MD   21158          1            01/10/03         41
    0435354105                           09           03/01/03         25
    052700113400                         N            02/01/33
    0

    8427253          E22/G02             F          974,500.00         ZZ
                                         360        973,552.85          1
                                       6.125          5,921.16         65
                                       5.875          5,921.16
    CARSON CITY      NV   89704          2            01/27/03         00
    0415819663                           05           04/01/03          0
    0415819663                           O            03/01/33
    0

    8430377          T44/G02             F          147,200.00         ZZ
                                         360        146,939.54          1
                                       6.625            942.54         80
                                       6.375            942.54
    DOTHAN           AL   36305          1            01/30/03         00
    0435578141                           03           03/01/03          0
    1064888                              O            02/01/33
    0

    8432645          E22/G02             F          182,750.00         ZZ
                                         360        182,393.85          1
                                       6.125          1,110.41         85
                                       5.875          1,110.41
    GARRETSON        SD   57030          2            02/03/03         04
    0415746288                           05           03/01/03         25
    0415746288                           O            02/01/33
    0
1

    8434501          168/168             F           35,200.00         ZZ
                                         360         35,083.56          1
                                       7.000            234.19         80
                                       6.750            234.19
    LAUDERHILL       FL   33313          1            11/19/02         00
    0089994418                           01           01/01/03          0
    0089994418                           N            12/01/32
    0

    8450327          W93/G02             F          109,425.00         ZZ
                                         360        109,321.17          1
                                       6.250            673.75         75
                                       6.000            673.75
    NAMPA            ID   83686          1            02/10/03         00
    0435420872                           03           04/01/03          0
    59445395                             O            03/01/33
    0

    8451295          X60/G02             F          256,000.00         ZZ
                                         360        255,745.15          1
                                       6.000          1,534.85         45
                                       5.750          1,534.85
    WOODINVILLE      WA   98072          5            02/06/03         00
    0435555719                           05           04/01/03          0
    100254501                            O            03/01/33
    0

    8452757          E82/G02             F          133,100.00         ZZ
                                         360        132,970.63          1
                                       6.125            808.73         50
                                       5.875            808.73
    PASADENA         CA   91103          2            02/11/03         00
    0400776548                           05           04/01/03          0
    1881661                              O            03/01/33
    0

    8457345          286/286             F          117,900.00         ZZ
                                         360        117,389.02          2
                                       7.000            784.40         90
                                       6.750            784.40
    ELGIN            IL   60120          1            11/14/02         12
    1719228                              05           01/01/03         25
    1719228                              O            12/01/32
    0

    8459169          E22/G02             F          400,000.00         ZZ
                                         360        399,611.23          1
1

                                       6.125          2,430.44         68
                                       5.875          2,430.44
    BELGRADE         MT   59714          5            02/14/03         00
    0415961937                           05           04/01/03          0
    0415961937                           O            03/01/33
    0

    8460029          286/286             F           92,500.00         ZZ
                                         360         92,259.70          4
                                       6.750            599.96         89
                                       6.500            599.96
    WESTLAND         MI   48186          2            12/02/02         11
    1525273                              05           02/01/03         25
    1525273                              N            01/01/33
    0

    8460031          286/286             F           92,500.00         ZZ
                                         360         92,259.70          4
                                       6.750            599.96         89
                                       6.500            599.96
    WESTLAND         MI   48186          2            12/02/02         11
    1626824                              05           02/01/03         25
    1626824                              N            01/01/33
    0

    8461333          M27/G02             F          612,000.00         ZZ
                                         360        612,000.00          1
                                       6.000          3,669.25         56
                                       5.750          3,669.25
    FRANKLIN         TN   37064          5            03/13/03         00
    0435583232                           05           05/01/03          0
    06009005795                          O            04/01/33
    0

    8462137          964/G02             F          260,000.00         ZZ
                                         360        259,455.78          1
                                       5.750          1,517.29         22
                                       5.500          1,517.29
    MILL VALLEY      CA   94941          5            01/24/03         00
    0435441308                           05           03/01/03          0
    327701                               O            02/01/33
    0

    8464579          E22/G02             F          129,000.00         ZZ
                                         360        128,883.38          1
                                       6.500            815.37         57
                                       6.250            815.37
    WOODBRIDGE TOWN  NJ   08830          5            02/21/03         00
    0415518380                           05           04/01/03          0
1

    0415518380                           N            03/01/33
    0

    8464633          E22/G02             F          132,000.00         ZZ
                                         360        131,886.35          1
                                       6.750            856.15         80
                                       6.500            856.15
    EVANSTON         IL   60202          5            02/17/03         00
    0415952282                           09           04/01/03          0
    0415952282                           O            03/01/33
    0

    8466293          G51/G02             F          465,000.00         ZZ
                                         360        464,548.05          1
                                       6.125          2,825.39         62
                                       5.875          2,825.39
    BERTHOUD         CO   80513          5            02/20/03         00
    0435450622                           05           04/01/03          0
    20004197                             O            03/01/33
    0

    8473187          E22/G02             F          192,800.00         ZZ
                                         360        192,612.61          1
                                       6.125          1,171.47         80
                                       5.875          1,171.47
    BURIEN           WA   98166          1            02/20/03         00
    0416032373                           05           04/01/03          0
    0416032373                           O            03/01/33
    0

    8474293          168/168             F           61,200.00         ZZ
                                         360         61,066.27          3
                                       7.625            433.17         89
                                       7.375            433.17
    ALBANY           NY   12206          1            12/27/02         10
    0099648229                           05           02/01/03         25
    0099648229                           N            01/01/33
    0

    8474295          168/168             F           45,600.00         ZZ
                                         360         45,530.39          3
                                       7.375            314.95         80
                                       7.125            314.95
    BUFFALO          NY   14222          1            01/28/03         00
    0099978636                           05           03/01/03          0
    0099978636                           N            02/01/33
    0

1

    8474373          168/168             F          280,000.00         ZZ
                                         360        279,516.50          1
                                       6.750          1,816.07         80
                                       6.500          1,816.07
    HOLTSVILLE       NY   11742          5            01/16/03         00
    0099763583                           05           03/01/03          0
    0099763583                           O            02/01/33
    0

    8474457          168/168             F           67,400.00         ZZ
                                         360         67,299.65          4
                                       7.500            471.27         90
                                       7.250            471.27
    COLONIE          NY   12205          1            01/09/03         28
    0099771144                           05           03/01/03         25
    0099771144                           N            02/01/33
    0

    8475289          E22/G02             F          120,000.00         ZZ
                                         360        119,908.69          1
                                       7.375            828.81         92
                                       7.125            828.81
    LIBERTY          MS   39645          5            02/21/03         04
    0415978428                           05           04/01/03         30
    0415978428                           O            03/01/33
    0

    8476763          253/253             F          128,250.00         ZZ
                                         360        128,139.58          2
                                       6.750            831.83         90
                                       6.500            831.83
    NORTH RICHLAND   TX   76180          1            02/14/03         19
    457484                               05           04/01/03         25
    457484                               N            03/01/33
    0

    8477035          N34/G02             F          257,550.00         T
                                         360        257,322.77          1
                                       6.625          1,649.12         80
                                       6.375          1,649.12
    CHICAGO          IL   60607          1            02/06/03         00
    0435556162                           06           04/01/03          0
    7678896                              O            03/01/33
    0

    8477061          Q49/G02             F           77,400.00         ZZ
                                         360         77,333.37          1
                                       6.750            502.01         90
                                       6.500            502.01
1

    SCRANTON         PA   18504          1            02/24/03         04
    0435554985                           05           04/01/03         25
    47200203                             O            03/01/33
    0

    8477065          N47/G02             F          128,000.00         ZZ
                                         360        127,884.28          1
                                       6.500            809.05         80
                                       6.250            809.05
    MILILANI         HI   96789          1            02/18/03         00
    0435546692                           01           04/01/03          0
    90500743                             N            03/01/33
    0

    8477753          E22/G02             F          128,500.00         ZZ
                                         360        128,375.11          1
                                       6.125            780.78         74
                                       5.875            780.78
    CITRUS HEIGHTS   CA   95621          5            02/20/03         00
    0416236503                           05           04/01/03          0
    0416236503                           O            03/01/33
    0

    8477763          E22/G02             F          193,910.00         ZZ
                                         360        193,747.09          1
                                       6.875          1,273.85         95
                                       6.625          1,273.85
    DENVER           CO   80239          1            02/25/03         04
    0416259604                           05           04/01/03         30
    0416259604                           O            03/01/33
    0

    8477799          E22/G02             F          255,000.00         ZZ
                                         360        254,733.77          1
                                       5.750          1,488.11         58
                                       5.500          1,488.11
    HENDERSON        CO   80640          5            02/21/03         00
    0416121390                           05           04/01/03          0
    0416121390                           O            03/01/33
    0

    8477985          E82/G02             F           93,500.00         ZZ
                                         360         93,500.00          1
                                       6.125            568.12         70
                                       5.875            568.12
    CHENEY           WA   99004          2            02/26/03         00
    0400789582                           03           05/01/03          0
    1815375                              O            04/01/33
    0
1

    8478531          P09/G02             F          103,000.00         ZZ
                                         360        103,000.00          1
                                       6.125            625.84         74
                                       5.875            625.84
    CHANTILLY        VA   20151          2            02/26/03         00
    0435461066                           01           05/01/03          0
    LAURETTI                             O            04/01/33
    0

    8482025          U41/G02             F           77,600.00         ZZ
                                         360         77,600.00          1
                                       7.000            516.27         80
                                       6.750            516.27
    CUMBERLAND       WI   54829          5            02/26/03         00
    0435445911                           05           05/01/03          0
    PETERSON2829                         O            04/01/33
    0

    8482595          E47/G02             F          240,000.00         ZZ
                                         360        239,766.73          1
                                       6.125          1,458.27         80
                                       5.875          1,458.27
    SAN JOSE         CA   95111          2            02/20/03         00
    0435556360                           09           04/01/03          0
    7333013133                           O            03/01/33
    0

    8483699          E22/G02             F          228,000.00         ZZ
                                         360        227,773.02          1
                                       6.000          1,366.98         70
                                       5.750          1,366.98
    MONCKS CORNER    SC   29461          2            02/24/03         00
    0415920065                           05           04/01/03          0
    0415920065                           O            03/01/33
    0

    8483887          E22/G02             F          173,755.00         ZZ
                                         360        173,590.13          1
                                       6.250          1,069.84         95
                                       6.000          1,069.84
    HELENA           AL   35080          1            02/28/03         04
    0416212892                           05           04/01/03         30
    0416212892                           O            03/01/33
    0

    8483911          E22/G02             F          440,000.00         ZZ
                                         360        439,611.80          1
1

                                       6.625          2,817.37         80
                                       6.375          2,817.37
    RIVERDALE        GA   30296          5            02/24/03         00
    0416234391                           05           04/01/03          0
    0416234391                           O            03/01/33
    0

    8484143          E22/G02             F          500,000.00         ZZ
                                         360        499,547.99          1
                                       6.500          3,160.34         75
                                       6.250          3,160.34
    SANTA YNEZ       CA   93460          5            02/17/03         00
    0416176873                           05           04/01/03          0
    0416176873                           O            03/01/33
    0

    8484955          U36/G02             F           97,650.00         ZZ
                                         360         97,561.72          1
                                       6.500            617.22         90
                                       6.250            617.22
    COLUMBIA         SC   29205          1            02/11/03         12
    0435463500                           05           04/01/03         25
    103422003                            O            03/01/33
    0

    8486577          M07/G02             F          115,000.00         ZZ
                                         360        114,908.03          1
                                       7.125            774.78         32
                                       6.875            774.78
    CERRITOS         CA   90703          5            02/25/03         00
    0435545942                           05           04/01/03          0
    02302231                             N            03/01/33
    0

    8487485          E22/G02             F          172,037.00         ZZ
                                         360        171,873.77          1
                                       6.250          1,059.26         70
                                       6.000          1,059.26
    FAIR OAKS        CA   95628          1            02/26/03         00
    0415870583                           05           04/01/03          0
    0415870583                           N            03/01/33
    0

    8488899          P09/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       5.750            861.35         47
                                       5.500            861.35
    BROOKEVILLE      MD   20833          2            02/28/03         00
    0435472469                           05           05/01/03          0
1

    03010024                             O            04/01/33
    0

    8489351          R26/G02             F          281,000.00         ZZ
                                         360        281,000.00          1
                                       6.250          1,730.17         75
                                       6.000          1,730.17
    CARNELIAN BAY    CA   96140          5            02/25/03         00
    0435450754                           05           05/01/03          0
    00010010000                          O            04/01/33
    0

    8489589          X78/G02             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       6.375          2,105.56         71
                                       6.125          2,105.56
    ATLANTA          GA   30342          5            02/27/03         00
    0435470745                           05           05/01/03          0
    990315                               O            04/01/33
    0

    8489663          Q87/G02             F          110,000.00         ZZ
                                         300        109,669.33          1
                                       5.750            692.02         69
                                       5.500            692.02
    CAPE CORAL       FL   33914          5            02/21/03         00
    0435476502                           05           03/26/03          0
    HAJ005                               O            02/26/28
    0

    8489691          M24/G02             F          256,000.00         ZZ
                                         360        255,768.58          3
                                       6.500          1,618.09         85
                                       6.250          1,618.09
    LOS ANGELES      CA   90019          5            02/05/03         14
    0435588082                           05           04/01/03         12
    288209354                            O            03/01/33
    0

    8490411          E22/G02             F           85,600.00         ZZ
                                         360         85,600.00          1
                                       5.875            506.36         80
                                       5.625            506.36
    MCCLEARY         WA   98557          5            02/25/03         00
    0414793638                           05           05/01/03          0
    0414793638                           O            04/01/33
    0

1

    8490489          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.250          4,002.16         55
                                       6.000          4,002.16
    ERIE             CO   81516          2            03/04/03         00
    0415984616                           05           05/01/03          0
    0415984616                           N            04/01/33
    0

    8490565          E22/G02             F          128,000.00         ZZ
                                         360        127,884.28          1
                                       6.500            809.05         80
                                       6.250            809.05
    WORCESTER        MA   01602          2            02/27/03         00
    0416117224                           05           04/01/03          0
    0416117224                           O            03/01/33
    0

    8490593          E22/G02             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.125          2,429.83         77
                                       5.875          2,429.83
    LATROBE          CA   95682          5            02/26/03         00
    0416164390                           05           05/01/03          0
    0416164390                           O            04/01/33
    0

    8490639          E22/G02             F          348,000.00         ZZ
                                         360        347,653.56          1
                                       6.000          2,086.44         80
                                       5.750          2,086.44
    ARVADA           CO   80004          5            02/27/03         00
    0416240760                           05           04/01/03          0
    0416240760                           O            03/01/33
    0

    8490731          E82/G02             F           93,000.00         ZZ
                                         360         93,000.00          1
                                       6.125            565.08         44
                                       5.875            565.08
    SOUTH SAN FRANC  CA   94080          2            02/27/03         00
    0400771184                           01           05/01/03          0
    0400771184                           O            04/01/33
    0

    8490819          W08/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.299            928.36         75
                                       6.049            928.36
1

    MIAMI            FL   33165          5            02/27/03         00
    0435587894                           05           05/01/03          0
    022469MG                             O            04/01/33
    0

    8491617          286/286             F          256,500.00         ZZ
                                         360        255,783.49          4
                                       6.375          1,600.23         90
                                       6.125          1,600.23
    TUCSON           AZ   85705          1            12/24/02         10
    1816990                              05           02/01/03         25
    1816990                              N            01/01/33
    0

    8491689          286/286             F           87,300.00         ZZ
                                         360         87,166.73          3
                                       7.375            602.96         90
                                       7.125            602.96
    WATERBURY        CT   06704          1            01/09/03         11
    1763695                              05           03/01/03         25
    1763695                              N            02/01/33
    0

    8491805          286/286             F          156,000.00         ZZ
                                         360        155,584.80          3
                                       6.625            998.89         83
                                       6.375            998.89
    WEST HAVEN       CT   06516          5            12/24/02         12
    1821672                              05           02/01/03         12
    1821672                              O            01/01/33
    0

    8491819          286/286             F          230,000.00         ZZ
                                         360        229,431.10          4
                                       7.000          1,530.20         80
                                       6.750          1,530.20
    PROSPECT PARK    NJ   07508          1            12/20/02         00
    1819367                              05           02/01/03          0
    1819367                              N            01/01/33
    0

    8491851          286/286             F          142,400.00         ZZ
                                         360        142,064.72          1
                                       7.250            971.42         80
                                       7.000            971.42
    FLORENCE         SC   29501          2            12/20/02         00
    1837687                              05           02/01/03          0
    1837687                              N            01/01/33
    0
1

    8491919          286/286             F          150,000.00         ZZ
                                         360        149,214.12          1
                                       6.750            972.90         94
                                       6.500            972.90
    AURORA           CO   80017          2            09/24/02         14
    1501976                              01           11/01/02         25
    1501976                              O            10/01/32
    0

    8491987          286/286             F          340,000.00         ZZ
                                         360        339,337.39          1
                                       6.125          2,065.88         85
                                       5.875          2,065.88
    CHICAGO          IL   60653          5            01/02/03         19
    1874982                              07           03/01/03         12
    1874982                              O            02/01/33
    0

    8491991          286/286             F          184,500.00         ZZ
                                         360        184,196.64          2
                                       7.000          1,227.49         90
                                       6.750          1,227.49
    CHICAGO          IL   60637          2            01/15/03         19
    1926902                              05           03/01/03         25
    1926902                              N            02/01/33
    0

    8492061          286/286             F          171,000.00         ZZ
                                         360        170,738.69          2
                                       7.375          1,181.06         90
                                       7.125          1,181.06
    CHICAGO          IL   60602          1            01/16/03         12
    1725035                              05           03/01/03         25
    1725035                              N            02/01/33
    0

    8492077          286/286             F          120,650.00         ZZ
                                         360        120,465.82          3
                                       7.375            833.30         95
                                       7.125            833.30
    NEW HAVEN        CT   06519          5            01/07/03         14
    1872039                              05           03/01/03         25
    1872039                              O            02/01/33
    0

    8492253          K60/G02             F          151,050.00         ZZ
                                         360        150,913.45          1
1

                                       6.500            954.74         95
                                       6.250            954.74
    CRANBERRY TWP    PA   16066          1            02/27/03         04
    0435624945                           05           04/01/03         30
    75052                                O            03/01/33
    0

    8492259          E47/G02             F          127,900.00         ZZ
                                         360        127,775.69          1
                                       6.125            777.13         46
                                       5.875            777.13
    BULVERDE         TX   78163          2            02/21/03         00
    0435599113                           05           04/01/03          0
    7329012183                           O            03/01/33
    0

    8492261          N47/G02             F          230,000.00         ZZ
                                         360        229,771.03          1
                                       6.000          1,378.97         61
                                       5.750          1,378.97
    EAST PALO ALTO   CA   94303          2            02/21/03         00
    0435551874                           05           04/01/03          0
    20502874                             O            03/01/33
    0

    8492749          P09/G02             F          552,500.00         ZZ
                                         360        552,500.00          1
                                       6.000          3,312.52         80
                                       5.750          3,312.52
    ASHBURN          VA   20147          5            02/28/03         00
    0435487079                           03           05/01/03          0
    IRELAND                              O            04/01/33
    0

    8494895          E82/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       6.875            499.27         80
                                       6.625            499.27
    APPLE VALLEY     CA   92307          5            02/28/03         00
    0400755930                           05           05/01/03          0
    0400755930                           O            04/01/33
    0

    8494897          E82/G02             F          139,800.00         ZZ
                                         360        139,800.00          1
                                       6.875            918.39         80
                                       6.625            918.39
    HANCEVILLE       AL   35077          2            03/03/03         00
    0400795126                           05           05/01/03          0
1

    0400795126                           O            04/01/33
    0

    8494903          E82/G02             F          160,800.00         ZZ
                                         360        160,800.00          1
                                       6.250            990.07         80
                                       6.000            990.07
    STRONGSVILLE     OH   44136          2            03/03/03         00
    0400784054                           05           05/01/03          0
    0400784054                           O            04/01/33
    0

    8494935          E82/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.125            777.74         56
                                       5.875            777.74
    FORT WORTH       TX   76116          2            03/03/03         00
    0400777512                           05           05/01/03          0
    0400777512                           O            04/01/33
    0

    8495177          N34/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       5.750            671.11         89
                                       5.500            671.11
    SCHERERVILLE     IN   46375          1            03/03/03         10
    0435489422                           01           05/01/03         25
    0681366                              O            04/01/33
    0

    8495313          E22/G02             F          212,500.00         ZZ
                                         360        212,500.00          1
                                       6.125          1,291.17         80
                                       5.875          1,291.17
    EVERGREEN        CO   80439          2            02/28/03         00
    0415912856                           05           05/01/03          0
    0415912856                           O            04/01/33
    0

    8495357          E22/G02             F          124,000.00         ZZ
                                         360        123,887.91          1
                                       6.500            783.76         80
                                       6.250            783.76
    AURORA           CO   80013          1            03/05/03         00
    0416019248                           09           04/01/03          0
    0416019248                           N            03/01/33
    0

1

    8495453          E22/G02             F          308,000.00         ZZ
                                         360        307,721.56          1
                                       6.500          1,946.77         74
                                       6.250          1,946.77
    GREEN OAKS       IL   60048          5            02/28/03         00
    0416137222                           05           04/01/03          0
    0416137222                           O            03/01/33
    0

    8495471          E22/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.750          2,283.07         59
                                       6.500          2,283.07
    CLAYTON          CA   94517          2            02/27/03         00
    0416144087                           03           05/01/03          0
    0416144087                           N            04/01/33
    0

    8495629          E22/G02             F          160,800.00         ZZ
                                         360        160,800.00          1
                                       6.250            990.07         80
                                       6.000            990.07
    BEND             OR   97701          5            02/26/03         00
    0415847136                           05           05/01/03          0
    0415847136                           O            04/01/33
    0

    8495695          E22/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.125          1,883.59         60
                                       5.875          1,883.59
    SAN JOSE         CA   95123          5            02/27/03         00
    0416160455                           05           05/01/03          0
    0416160455                           O            04/01/33
    0

    8495701          E22/G02             F          244,000.00         ZZ
                                         360        244,000.00          2
                                       6.750          1,582.58         80
                                       6.500          1,582.58
    RED BANK         NJ   07701          5            02/28/03         00
    0416174035                           05           05/01/03          0
    0416174035                           O            04/01/33
    0

    8495705          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.250            646.50         62
                                       6.000            646.50
1

    WEST JORDAN      UT   84084          2            02/27/03         00
    0416175107                           05           05/01/03          0
    0416175107                           O            04/01/33
    0

    8495717          E22/G02             F          148,500.00         ZZ
                                         360        148,500.00          4
                                       7.750          1,063.87         90
                                       7.500          1,063.87
    NEW ORLEANS      LA   70119          2            03/05/03         01
    0416180891                           05           05/01/03         25
    0416180891                           N            04/01/33
    0

    8495745          E22/G02             F          133,155.00         ZZ
                                         360        133,155.00          4
                                       6.625            852.61         90
                                       6.375            852.61
    SAN ANTONIO      TX   78213          1            03/05/03         01
    0416201945                           05           05/01/03         25
    0416201945                           N            04/01/33
    0

    8495759          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.625          1,792.87         80
                                       6.375          1,792.87
    SAN LEANDRO      CA   94577          5            02/24/03         00
    0416224764                           05           05/01/03          0
    0416224764                           N            04/01/33
    0

    8495837          E22/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.125          2,734.25         70
                                       5.875          2,734.25
    PELL CITY        AL   35128          5            02/28/03         00
    0416267730                           05           05/01/03          0
    0416267730                           O            04/01/33
    0

    8495855          E22/G02             F          562,443.00         ZZ
                                         360        562,443.00          1
                                       6.500          3,555.02         72
                                       6.250          3,555.02
    L.A.(NORTHRIDGE  CA   91325          5            02/25/03         00
    0416293561                           05           05/01/03          0
    0416293561                           O            04/01/33
    0
1

    8495865          E22/G02             F          192,800.00         ZZ
                                         360        192,800.00          1
                                       6.000          1,155.93         80
                                       5.750          1,155.93
    SACRAMENTO       CA   95838          5            02/27/03         00
    0416311322                           05           05/01/03          0
    0416311322                           O            04/01/33
    0

    8495867          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          2
                                       6.125          2,278.54         75
                                       5.875          2,278.54
    SANTA ROSA       CA   95409          1            02/27/03         00
    0416316552                           05           05/01/03          0
    0416316552                           N            04/01/33
    0

    8499509          U42/G02             F          382,900.00         TX
                                         360        382,545.36          1
                                       6.375          2,388.80         77
                                       6.125          2,388.80
    AUSTIN           TX   78731          5            02/24/03         00
    0435543772                           05           04/01/03          0
    10300132                             O            03/01/33
    0

    8499555          X51/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.375          2,745.03         80
                                       6.125          2,745.03
    MILPITAS         CA   95035          5            02/26/03         00
    0435464110                           05           05/01/03          0
    021226308                            O            04/01/33
    0

    8499681          964/G02             F          214,000.00         ZZ
                                         360        213,765.76          1
                                       5.500          1,215.07         50
                                       5.250          1,215.07
    CAMBRIA          CA   93428          5            02/04/03         00
    0435462916                           05           04/01/03          0
    330353                               O            03/01/33
    0

    8500077          W93/G02             F          120,000.00         ZZ
                                         360        119,888.86          1
1

                                       6.375            748.64         80
                                       6.125            748.64
    MESA             AZ   85215          1            02/18/03         00
    0435536339                           03           04/01/03          0
    88431233                             O            03/01/33
    0

    8500979          W45/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       5.750          1,879.10         52
                                       5.500          1,879.10
    MURRIETA         CA   92562          5            03/03/03         00
    0435483730                           05           05/01/03          0
    03021414025                          O            04/01/33
    0

    8501931          E82/G02             F          201,800.00         ZZ
                                         360        201,800.00          1
                                       6.500          1,275.51         76
                                       6.250          1,275.51
    ARGYLE           TX   76226          2            03/04/03         00
    0400755005                           05           05/01/03          0
    0400755005                           O            04/01/33
    0

    8502065          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.125            729.13         80
                                       5.875            729.13
    FORESTHILL       CA   95631          5            02/27/03         00
    0416272268                           05           05/01/03          0
    0416272268                           N            04/01/33
    0

    8502105          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       6.500            328.68         80
                                       6.250            328.68
    ASHEVILLE        NC   28806          1            03/06/03         00
    0416358380                           05           05/01/03          0
    0416358380                           N            04/01/33
    0

    8502119          E22/G02             F          192,800.00         ZZ
                                         360        192,800.00          1
                                       6.250          1,187.10         80
                                       6.000          1,187.10
    ROSEVILLE        CA   95678          5            02/27/03         00
    0415759653                           05           05/01/03          0
1

    0415759653                           O            04/01/33
    0

    8502151          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.250            443.32         80
                                       6.000            443.32
    DELTA            OH   43515          1            03/06/03         00
    0416014835                           05           05/01/03          0
    0416014835                           O            04/01/33
    0

    8502207          E22/G02             F          228,800.00         ZZ
                                         360        228,800.00          1
                                       5.875          1,353.44         80
                                       5.625          1,353.44
    ESPARTO          CA   95627          5            02/25/03         00
    0416039402                           05           05/01/03          0
    0416039402                           O            04/01/33
    0

    8502221          E22/G02             F           71,400.00         ZZ
                                         360         71,400.00          1
                                       6.375            445.44         50
                                       6.125            445.44
    BAKERSFIELD      CA   93313          1            03/02/03         00
    0416131175                           05           05/01/03          0
    0416131175                           N            04/01/33
    0

    8502451          W02/G02             F           93,500.00         ZZ
                                         360         93,413.40          1
                                       6.375            583.32         79
                                       6.125            583.32
    JACKSONVILLE     FL   32257          5            02/24/03         00
    0435534243                           05           04/01/03          0
    1002111267                           O            03/01/33
    0

    8502613          M24/G02             F          109,200.00         ZZ
                                         360        109,121.01          1
                                       7.628            773.14         95
                                       7.378            773.14
    FRESNO           CA   93727          5            02/20/03         14
    0435494109                           05           04/01/03         30
    309107808                            O            03/01/33
    0

1

    8502773          W39/G02             F          225,000.00         ZZ
                                         360        225,000.00          2
                                       6.625          1,440.70         90
                                       6.375          1,440.70
    DALLAS           TX   75206          1            03/04/03         01
    0435470893                           05           05/01/03         25
    PNI31525                             N            04/01/33
    0

    8502813          W08/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
                                       6.375            605.15         43
                                       6.125            605.15
    MIAMI            FL   33133          5            02/27/03         00
    0435486246                           05           05/01/03          0
    022320MG                             O            04/01/33
    0

    8503247          956/956             F          526,000.00         ZZ
                                         360        524,421.21          1
                                       6.000          3,153.64         73
                                       5.750          3,153.64
    RIVERSIDE        CA   92506          5            12/10/02         00
    1112120319                           05           02/01/03          0
    1112120319                           O            01/01/33
    0

    8503375          A06/G02             F          175,400.00         ZZ
                                         360        175,229.52          1
                                       6.125          1,065.75         80
                                       5.875          1,065.75
    WESTLAND         MI   48185          2            02/25/03         00
    0435493747                           05           04/01/03          0
    1                                    O            03/01/33
    0

    8503425          U35/G02             F           55,950.00         ZZ
                                         360         55,950.00          1
                                       7.500            391.21         87
                                       7.250            391.21
    INDIANAPOLIS     IN   46201          1            03/06/03         02
    0435494430                           05           05/01/03         25
    7778871                              N            04/01/33
    0

    8503495          U36/G02             F          170,000.00         ZZ
                                         360        169,846.31          1
                                       6.500          1,074.52         74
                                       6.250          1,074.52
1

    ATLANTA          GA   30307          5            02/24/03         00
    0435514047                           05           04/01/03          0
    104002003                            N            03/01/33
    0

    8503591          956/956             F          650,000.00         ZZ
                                         360        648,099.68          1
                                       6.000          3,897.08         75
                                       5.750          3,897.08
    CUPERTINO        CA   95014          2            01/16/03         00
    112120286                            05           03/01/03          0
    112120286                            O            02/01/33
    0

    8503593          956/956             F          499,000.00         ZZ
                                         360        498,117.07          1
                                       6.625          3,195.15         73
                                       6.375          3,195.15
    SCOTTSDALE       AZ   85260          2            01/15/03         00
    412120046                            05           03/01/03          0
    412120046                            O            02/01/33
    0

    8503597          956/956             F          525,000.00         ZZ
                                         360        523,976.85          1
                                       6.125          3,189.96         67
                                       5.875          3,189.96
    MORAGA           CA   94556          5            01/06/03         00
    812110185                            05           03/01/03          0
    812110185                            O            02/01/33
    0

    8503601          956/956             F          400,000.00         ZZ
                                         360        399,214.43          1
                                       6.125          2,430.44         75
                                       5.875          2,430.44
    ENCINITAS        CA   92024          5            01/23/03         00
    1513010040                           03           03/01/03          0
    1513010040                           O            02/01/33
    0

    8503607          956/956             F          452,000.00         ZZ
                                         360        451,097.81          1
                                       6.000          2,709.97         80
                                       5.750          2,709.97
    SAN LUIS OBISPO  CA   93401          1            01/23/03         00
    2913010048                           03           03/01/03          0
    2913010048                           O            02/01/33
    0
1

    8503611          956/956             F          369,400.00         ZZ
                                         360        368,662.68          1
                                       6.000          2,214.74         80
                                       5.750          2,214.74
    OVERLAND PARK    KS   66223          2            01/16/03         00
    4312120272                           03           03/01/03          0
    4312120272                           O            02/01/33
    0

    8503747          M18/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       5.875          1,330.96         67
                                       5.625          1,330.96
    IRVINE           CA   92620          5            02/20/03         00
    0435475447                           01           05/01/03          0
    980102307                            O            04/01/33
    0

    8503791          N74/G02             F           98,800.00         ZZ
                                         360         98,706.25          1
                                       6.250            608.33         95
                                       6.000            608.33
    WINSTON SALEM    NC   27104          2            02/28/03         10
    0435485891                           05           04/05/03         30
    0031885010                           O            03/05/33
    0

    8503815          G27/G02             F          225,250.00         ZZ
                                         360        225,250.00          1
                                       6.250          1,386.90         85
                                       6.000          1,386.90
    MODESTO          CA   95355          1            03/04/03         26
    0435471164                           05           05/01/03         12
    10003003                             O            04/01/33
    0

    8504215          168/168             F          290,000.00         ZZ
                                         360        289,737.83          1
                                       6.500          1,833.00         80
                                       6.250          1,833.00
    BROOKHAVEN       NY   11792          5            02/07/03         00
    0099357496                           05           04/01/03          0
    0099357496                           O            03/01/33
    0

    8504381          956/956             F          374,000.00         ZZ
                                         360        373,271.14          1
1

                                       6.125          2,272.46         77
                                       5.875          2,272.46
    DALY CITY        CA   94014          2            01/24/03         00
    112100680                            05           03/01/03          0
    112100680                            O            02/01/33
    0

    8504387          956/956             F          352,000.00         ZZ
                                         360        351,623.69          1
                                       5.625          2,026.31         80
                                       5.375          2,026.31
    SAN FRANCISCO    CA   94134          2            02/12/03         00
    113010034                            05           04/01/03          0
    113010034                            O            03/01/33
    0

    8504405          956/956             F          513,000.00         ZZ
                                         360        512,000.25          1
                                       6.125          3,117.04         71
                                       5.875          3,117.04
    SAN FRANCISCO    CA   94114          2            01/24/03         00
    212120109                            05           03/01/03          0
    212120109                            O            02/01/33
    0

    8504415          956/956             F          348,000.00         ZZ
                                         360        347,653.56          1
                                       6.000          2,086.44         80
                                       5.750          2,086.44
    ALAMEDA          CA   94502          2            02/04/03         00
    213010109                            03           04/01/03          0
    213010109                            O            03/01/33
    0

    8504423          956/956             F          399,000.00         ZZ
                                         360        398,203.59          1
                                       6.000          2,392.21         80
                                       5.750          2,392.21
    LOS ANGELES      CA   91326          1            02/06/03         00
    513010010                            05           03/01/03          0
    513010010                            O            02/01/33
    0

    8504443          956/956             F          520,000.00         ZZ
                                         360        518,986.62          1
                                       6.125          3,159.57         80
                                       5.875          3,159.57
    SANTA ROSA       CA   95409          2            02/01/03         00
    712120304                            05           03/01/03          0
1

    712120304                            O            02/01/33
    0

    8504453          956/956             F          444,500.00         ZZ
                                         360        443,197.29          1
                                       6.125          2,700.83         70
                                       5.875          2,700.83
    FULLERTON        CA   92835          5            12/18/02         00
    1112110653                           05           02/01/03          0
    1112110653                           O            01/01/33
    0

    8504539          956/956             F          572,000.00         ZZ
                                         360        570,830.78          1
                                       5.875          3,383.60         80
                                       5.625          3,383.60
    MIDWAY           UT   84049          1            01/09/03         00
    1113010257                           05           03/01/03          0
    1113010257                           O            02/01/33
    0

    8504545          956/956             F          377,600.00         ZZ
                                         360        377,224.10          1
                                       6.000          2,263.90         80
                                       5.750          2,263.90
    ENCINITAS        CA   92024          2            02/12/03         00
    1512120148                           05           04/01/03          0
    1512120148                           O            03/01/33
    0

    8504553          956/956             F          400,000.00         ZZ
                                         360        399,162.76          1
                                       5.750          2,334.29         73
                                       5.500          2,334.29
    DANA POINT       CA   92629          5            01/28/03         00
    1513010062                           05           03/01/03          0
    1513010062                           O            02/01/33
    0

    8504565          956/956             F          605,500.00         ZZ
                                         360        604,262.31          1
                                       5.875          3,581.76         70
                                       5.625          3,581.76
    LAS VEGAS        NV   89135          5            01/28/03         00
    3712120046                           03           03/01/03          0
    3712120046                           O            02/01/33
    0

1

    8505079          X78/G02             F          110,900.00         ZZ
                                         360        110,900.00          1
                                       6.500            700.96         77
                                       6.250            700.96
    LITHONIA         GA   30058          2            03/07/03         00
    0435493846                           03           05/01/03          0
    990321                               N            04/01/33
    0

    8507053          E22/G02             F          134,250.00         ZZ
                                         360        134,128.64          4
                                       6.500            848.55         75
                                       6.250            848.55
    BOUTTEE          LA   70039          2            03/06/03         00
    0415974831                           05           04/01/03          0
    0415974831                           N            03/01/33
    0

    8507173          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.125            777.74         56
                                       5.875            777.74
    COTTONTOWN       TN   37048          5            03/03/03         00
    0416117786                           05           05/01/03          0
    0416117786                           O            04/01/33
    0

    8507177          E22/G02             F           57,300.00         ZZ
                                         360         57,300.00          1
                                       6.500            362.17         55
                                       6.250            362.17
    FORT COLLINS     CO   80521          2            03/03/03         00
    0416120285                           01           05/01/03          0
    0416120285                           N            04/01/33
    0

    8507193          E22/G02             F          170,050.00         ZZ
                                         360        170,050.00          1
                                       6.250          1,047.03         95
                                       6.000          1,047.03
    SAPULPA          OK   74066          1            03/07/03         04
    0416141000                           03           05/01/03         30
    0416141000                           O            04/01/33
    0

    8507201          E22/G02             F          147,250.00         ZZ
                                         360        147,250.00          4
                                       6.625            942.86         95
                                       6.375            942.86
1

    NORTHFIELD       NH   03276          1            03/07/03         10
    0415145688                           05           05/01/03         30
    0416145688                           O            04/01/33
    0

    8507225          E22/G02             F           66,500.00         ZZ
                                         360         66,500.00          1
                                       6.875            436.86         95
                                       6.625            436.86
    HOUSTON          TX   77060          1            03/07/03         01
    0416171304                           03           05/01/03         30
    0416171304                           O            04/01/33
    0

    8507243          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       6.875            564.96         80
                                       6.625            564.96
    RICHMOND         TX   77469          1            03/07/03         00
    0416196970                           03           05/01/03          0
    0416196970                           N            04/01/33
    0

    8507291          E22/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       6.375            509.08         80
                                       6.125            509.08
    EUGENE           OR   97401          1            03/01/03         00
    0416244580                           05           05/01/03          0
    0416244580                           N            04/01/33
    0

    8507301          E22/G02             F          149,000.00         ZZ
                                         360        149,000.00          2
                                       6.875            978.82         80
                                       6.625            978.82
    WACO             TX   76706          2            03/07/03         00
    0416258515                           05           05/01/03          0
    0416258515                           N            04/01/33
    0

    8507303          E22/G02             F          149,000.00         ZZ
                                         360        149,000.00          2
                                       6.875            978.82         80
                                       6.625            978.82
    WACO             TX   76706          2            03/07/03         00
    0416259257                           05           05/01/03          0
    0416259257                           N            04/01/33
    0
1

    8507401          E22/G02             F          508,000.00         ZZ
                                         360        508,000.00          1
                                       6.250          3,127.84         80
                                       6.000          3,127.84
    AUBURN           CA   95602          1            03/03/03         00
    0416348571                           05           05/01/03          0
    0416348571                           O            04/01/33
    0

    8507413          E22/G02             F           86,000.00         ZZ
                                         360         85,927.75          3
                                       6.875            564.96         64
                                       6.625            564.96
    LOUISVILLE       KY   40203          2            03/07/03         00
    0416356269                           05           04/01/03          0
    0416356269                           N            03/01/33
    0

    8508305          S27/G02             F           98,500.00         ZZ
                                         360         98,500.00          1
                                       7.250            671.95         80
                                       7.000            671.95
    PORT SAINT LUCI  FL   34983          1            03/05/03         00
    0435493796                           05           05/01/03          0
    1090000861                           O            04/01/33
    0

    8508635          601/G02             F          200,000.00         ZZ
                                         360        199,819.19          1
                                       6.500          1,264.14         77
                                       6.250          1,264.14
    DEER PARK        NY   11729          5            02/11/03         00
    0435473012                           05           04/01/03          0
    6246748                              O            03/01/33
    0

    8508665          601/G02             F          200,000.00         ZZ
                                         360        199,810.24          1
                                       6.250          1,231.43         80
                                       6.000          1,231.43
    CHICAGO          IL   60647          2            02/21/03         00
    0435472428                           01           04/01/03          0
    624967                               O            03/01/33
    0

    8508681          601/G02             F          113,000.00         ZZ
                                         360        112,897.84          1
1

                                       6.500            714.24         76
                                       6.250            714.24
    TAOS             NM   87571          5            02/06/03         00
    0435472584                           05           04/01/03          0
    6247171                              O            03/01/33
    0

    8508751          601/G02             F          150,522.00         ZZ
                                         360        150,382.58          1
                                       6.375            939.07         75
                                       6.125            939.07
    READING          PA   19606          1            02/28/03         00
    0435476676                           05           04/01/03          0
    6248247                              O            03/01/33
    0

    8508775          S43/G02             F          115,300.00         ZZ
                                         360        115,300.00          1
                                       5.875            682.04         77
                                       5.625            682.04
    ALBUQUERQUE      NM   87112          5            03/05/03         00
    0435505664                           05           05/01/03          0
    022328                               O            04/01/33
    0

    8509257          369/G02             F           93,300.00         ZZ
                                         360         93,215.66          1
                                       6.500            589.72         64
                                       6.250            589.72
    MORENO VALLEY    CA   92557          2            02/06/03         00
    0435489182                           05           04/01/03          0
    0074932567                           N            03/01/33
    0

    8509607          X13/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.000            983.27         80
                                       5.750            983.27
    OLNEY            MD   20832          5            02/25/03         00
    0435581277                           09           05/01/03          0
    206056                               O            04/01/33
    0

    8509637          601/G02             F          258,000.00         ZZ
                                         360        257,766.76          3
                                       6.500          1,630.74         86
                                       6.250          1,630.74
    LAWRENCE         MA   01843          5            02/17/03         11
    0435471289                           05           04/01/03         25
1

    62486311                             O            03/01/33
    0

    8509785          601/G02             F          226,100.00         ZZ
                                         360        225,895.60          1
                                       6.500          1,429.11         85
                                       6.250          1,429.11
    FARIBAULT        MN   55021          2            02/11/03         11
    0435477351                           05           04/01/03         12
    62344304                             O            03/01/33
    0

    8510503          F89/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.250          1,329.95         80
                                       6.000          1,329.95
    DOWNEY           CA   90240          1            02/24/03         00
    0435491915                           05           05/01/03          0
    13728147                             N            04/01/33
    0

    8511057          Y23/G02             F          103,200.00         TX
                                         360        103,200.00          1
                                       6.750            669.36         80
                                       6.500            669.36
    RED OAK          TX   75154          5            03/06/03         00
    0435555586                           05           05/01/03          0
    1000145663                           O            04/01/33
    0

    8511159          X82/G02             F           63,200.00         ZZ
                                         360         63,145.59          1
                                       6.750            409.91         80
                                       6.500            409.91
    FRONT ROYAL      VA   22630          5            02/26/03         00
    0435557657                           07           04/01/03          0
    848114                               N            03/01/33
    0

    8511715          E82/G02             F          153,500.00         ZZ
                                         360        153,500.00          1
                                       6.625            982.88         84
                                       6.375            982.88
    SANTA CLARITA    CA   91355          2            03/04/03         10
    0400792412                           01           05/01/03         12
    0400792412                           O            04/01/33
    0

1

    8511729          E82/G02             F          122,400.00         ZZ
                                         360        122,400.00          1
                                       6.250            753.64         72
                                       6.000            753.64
    JUPITER          FL   33458          2            03/07/03         00
    0400791364                           03           05/01/03          0
    0400791364                           O            04/01/33
    0

    8511881          E82/G02             F          258,500.00         ZZ
                                         360        258,500.00          1
                                       6.875          1,698.16         62
                                       6.625          1,698.16
    VIENNA           VA   22182          2            03/07/03         00
    0400777504                           05           05/01/03          0
    0400777504                           N            04/01/33
    0

    8511905          E82/G02             F           51,000.00         ZZ
                                         360         51,000.00          1
                                       6.000            305.77         51
                                       5.750            305.77
    NORWICH          CT   06360          2            03/05/03         00
    0400796785                           05           05/01/03          0
    0400796785                           O            04/01/33
    0

    8511917          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.125          1,458.27         80
                                       5.875          1,458.27
    DALLAS           TX   75214          5            03/04/03         00
    0416050144                           05           05/01/03          0
    0416050144                           O            04/01/33
    0

    8511921          E22/G02             F          128,096.00         ZZ
                                         360        128,096.00          1
                                       6.625            820.21         80
                                       6.375            820.21
    HOUSTON          TX   77070          1            03/06/03         00
    0416052835                           03           05/01/03          0
    0416052835                           N            04/01/33
    0

    8511957          E82/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       6.375            792.31         65
                                       6.125            792.31
1

    FRISCO           CO   80435          2            03/06/03         00
    0400785960                           01           05/01/03          0
    0400785960                           O            04/01/33
    0

    8512009          E82/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.125            437.48         36
                                       5.875            437.48
    REDMOND          WA   98052          2            03/06/03         00
    0400788832                           05           05/01/03          0
    0400788832                           O            04/01/33
    0

    8512013          E82/G02             F           52,800.00         ZZ
                                         360         52,800.00          3
                                       7.250            360.19         40
                                       7.000            360.19
    BALTIMORE        MD   21218          2            03/05/03         00
    0400761995                           05           05/01/03          0
    0400761995                           O            04/01/33
    0

    8512075          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.500          1,080.84         90
                                       6.250          1,080.84
    MIRAMAR          FL   33027          1            03/10/03         01
    0416321024                           09           05/01/03         25
    0416321024                           O            04/01/33
    0

    8512087          E22/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       6.000          1,169.12         80
                                       5.750          1,169.12
    RENO             NV   89511          5            03/04/03         00
    0416351914                           05           05/01/03          0
    0416351914                           O            04/01/33
    0

    8512109          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.375            798.55         80
                                       6.125            798.55
    RICHARDSON       TX   75083          5            03/05/03         00
    0415667500                           05           05/01/03          0
    0415667500                           O            04/01/33
    0
1

    8512115          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.000          1,151.14         79
                                       5.750          1,151.14
    PORTLAND         OR   97202          2            02/27/03         00
    0415782234                           05           05/01/03          0
    0415782234                           O            04/01/33
    0

    8512129          E22/G02             F           47,650.00         ZZ
                                         360         47,650.00          1
                                       7.750            341.37         90
                                       7.500            341.37
    GRAND ISLAND     NE   68801          2            03/05/03         04
    0415879246                           05           05/01/03         25
    0415879246                           O            04/01/33
    0

    8512135          E22/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.250          2,124.22         67
                                       6.000          2,124.22
    KINGS PARK       NY   11754          5            03/04/03         00
    0415912989                           05           05/01/03          0
    0415912989                           O            04/01/33
    0

    8512171          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.000          1,348.99         72
                                       5.750          1,348.99
    BEND             OR   97702          5            03/03/03         00
    0415922830                           05           05/01/03          0
    0415922830                           O            04/01/33
    0

    8512179          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.125          1,166.61         80
                                       5.875          1,166.61
    LITTLETON        CO   80120          5            03/05/03         00
    0415942473                           05           05/01/03          0
    0415942473                           O            04/01/33
    0

    8512183          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
1

                                       6.250          1,939.51         65
                                       6.000          1,939.51
    SACRAMENTO       CA   95816          2            03/04/03         00
    0415948165                           05           05/01/03          0
    0415948165                           O            04/01/33
    0

    8512193          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       6.000          1,534.85         73
                                       5.750          1,534.85
    CASTRO VALLEY    CA   94546          2            03/02/03         00
    0416088003                           05           05/01/03          0
    0416088003                           O            04/01/33
    0

    8512195          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.125            972.18         80
                                       5.875            972.18
    HOUSTON          TX   77096          5            03/04/03         00
    0416089639                           05           05/01/03          0
    0416089639                           O            04/01/33
    0

    8512221          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       6.250            911.26         80
                                       6.000            911.26
    KATY             TX   77450          5            03/05/03         00
    0416125276                           03           05/01/03          0
    0416125276                           O            04/01/33
    0

    8512255          E22/G02             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       6.375          2,495.47         76
                                       6.125          2,495.47
    FORT COLLINS     CO   80525          5            03/05/03         00
    0416273944                           03           05/01/03          0
    0416273944                           O            04/01/33
    0

    8512267          E22/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.250          1,982.61         72
                                       6.000          1,982.61
    SAN FRANCISCO    CA   94112          1            03/06/03         00
    0416295137                           05           05/01/03          0
1

    0416295137                           N            04/01/33
    0

    8512271          E22/G02             F          206,400.00         ZZ
                                         360        206,400.00          1
                                       5.875          1,220.93         80
                                       5.625          1,220.93
    CITRUS HEIGHTS   CA   95610          5            02/26/03         00
    0416296689                           05           05/01/03          0
    0416296689                           O            04/01/33
    0

    8512281          E22/G02             F           39,500.00         ZZ
                                         360         39,500.00          1
                                       7.500            276.19         90
                                       7.250            276.19
    LAWTON           OK   73505          2            03/05/03         01
    0415950005                           05           05/01/03         25
    0415950005                           O            04/01/33
    0

    8512291          E22/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       5.875            680.27         55
                                       5.625            680.27
    JEFFERSON CITY   TN   37760          2            03/05/03         00
    0415987239                           05           05/01/03          0
    0415987239                           O            04/01/33
    0

    8512325          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       5.875            331.26         67
                                       5.625            331.26
    FLORENCE         CO   81226          5            03/05/03         00
    0416157964                           05           05/01/03          0
    0416157964                           O            04/01/33
    0

    8512335          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          2
                                       6.625            550.67         69
                                       6.375            550.67
    GRAND JUNCTION   CO   81504          2            03/10/03         00
    0416169761                           05           05/01/03          0
    0416169761                           N            04/01/33
    0

1

    8512339          E22/G02             F          116,600.00         ZZ
                                         360        116,600.00          1
                                       6.500            736.99         84
                                       6.250            736.99
    SANTO            TX   76472          2            03/04/03         04
    0416173235                           05           05/01/03         12
    0416173235                           O            04/01/33
    0

    8512381          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.250            640.35         80
                                       6.000            640.35
    OKLAHOMA CITY    OK   73162          5            03/05/03         00
    0416187201                           05           05/01/03          0
    0416187201                           O            04/01/33
    0

    8514833          253/253             F           76,000.00         ZZ
                                         360         75,931.30          1
                                       6.500            480.37         93
                                       6.250            480.37
    EUCLID           OH   44119          2            02/20/03         10
    458337                               05           04/01/03         25
    458337                               O            03/01/33
    0

    8515377          Y23/G02             F           99,200.00         ZZ
                                         360         99,200.00          1
                                       6.500            627.02         80
                                       6.250            627.02
    WEATHERFORD      TX   76088          5            03/05/03         00
    0435562863                           05           05/01/03          0
    1000064988                           O            04/01/33
    0

    8515523          944/G02             F          312,000.00         ZZ
                                         360        311,681.90          1
                                       5.875          1,845.60         80
                                       5.625          1,845.60
    SEATTLE          WA   98177          2            02/27/03         00
    0435534003                           05           04/01/03          0
    W02035080                            O            03/01/33
    0

    8515561          P67/G02             F          185,000.00         ZZ
                                         360        185,000.00          2
                                       6.250          1,139.09         76
                                       6.000          1,139.09
1

    STERLING         MA   01564          5            03/07/03         00
    0435501861                           05           05/01/03          0
    682774                               O            04/01/33
    0

    8516617          X64/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       6.125            941.80         80
                                       5.875            941.80
    DEARBORN         MI   48126          2            02/28/03         00
    0435487194                           05           05/01/03          0
    0000004332                           O            04/01/33
    0

    8516747          A35/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.000            959.28         33
                                       5.750            959.28
    HAMPTON BAYS     NY   11946          5            03/05/03         00
    0435501341                           05           05/01/03          0
    1                                    O            04/01/33
    0

    8516925          758/G02             F          240,000.00         ZZ
                                         360        239,772.28          1
                                       6.250          1,477.72         75
                                       6.000          1,477.72
    AUSTIN           TX   78705          1            02/24/03         00
    0435538848                           01           04/01/03          0
    502862                               N            03/01/33
    0

    8517147          G34/G02             F          120,050.00         ZZ
                                         360        119,927.60          1
                                       5.875            710.14         80
                                       5.625            710.14
    LAS VEGAS        NV   89131          1            02/20/03         00
    0435502505                           03           04/01/03          0
    77308017                             O            03/01/33
    0

    8517357          601/G02             F          196,000.00         ZZ
                                         360        195,804.88          1
                                       6.000          1,175.12         33
                                       5.750          1,175.12
    VERO BEACH       FL   32963          2            02/14/03         00
    0435483979                           03           04/01/03          0
    62497755                             O            03/01/33
    0
1

    8517465          X67/G02             F          218,320.00         ZZ
                                         360        218,127.38          1
                                       6.625          1,397.93         80
                                       6.375          1,397.93
    CHANNAHON        IL   60410          5            02/21/03         00
    0435506720                           05           04/01/03          0
    00283431                             O            03/01/33
    0

    8517783          601/G02             F          252,000.00         ZZ
                                         360        251,755.07          1
                                       6.125          1,531.18         77
                                       5.875          1,531.18
    INDIAN HARBOR B  FL   32937          5            02/14/03         00
    0435484860                           03           04/01/03          0
    626511787                            O            03/01/33
    0

    8517949          601/G02             F          135,000.00         ZZ
                                         360        134,871.90          1
                                       6.250            831.22         79
                                       6.000            831.22
    DENVER           CO   80216          2            02/24/03         00
    0435484787                           07           04/01/03          0
    62517339                             N            03/01/33
    0

    8518311          N67/G02             F          133,000.00         ZZ
                                         360        132,811.65          1
                                       7.750            952.83         70
                                       7.500            952.83
    ZIONSVILLE       PA   18092          5            01/21/03         00
    0435509146                           05           03/01/03          0
    3265003799                           O            02/01/33
    0

    8518479          N67/G02             F          104,500.00         ZZ
                                         360        104,410.02          1
                                       6.750            677.79         80
                                       6.500            677.79
    NORTH OGDEN      UT   84414          2            02/03/03         00
    0435510532                           05           04/01/03          0
    1162001625                           O            03/01/33
    0

    8518747          N67/G02             F           99,900.00         ZZ
                                         360         99,747.51          1
1

                                       7.375            689.98         80
                                       7.125            689.98
    GULFPORT         FL   33707          1            02/03/03         00
    0435511886                           05           03/01/03          0
    3254004531                           O            02/01/33
    0

    8519537          Q30/G02             F          140,200.00         ZZ
                                         360        140,085.07          3
                                       7.000            932.76         80
                                       6.750            932.76
    HARTFORD         CT   06106          5            02/28/03         00
    0435533872                           05           04/01/03          0
    21020126                             O            03/01/33
    0

    8519549          U42/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       6.625            489.84         90
                                       6.375            489.84
    SAN ANTONIO      TX   78228          1            03/07/03         12
    0435559687                           05           05/01/03         25
    49300087                             O            04/01/33
    0

    8519555          588/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       6.375          1,597.11         86
                                       6.125          1,597.11
    MIDDLETOWN TOWN  NJ   07748          1            03/07/03         01
    0435562681                           05           05/01/03         25
    1085502                              O            04/01/33
    0

    8519583          U36/G02             F          380,000.00         ZZ
                                         360        379,639.44          1
                                       6.250          2,339.73         80
                                       6.000          2,339.73
    BOYDS            MD   20841          1            02/26/03         00
    0435503701                           03           04/01/03          0
    107702003                            O            03/01/33
    0

    8519763          601/G02             F          133,500.00         ZZ
                                         360        133,285.84          1
                                       7.125            899.42         75
                                       6.875            899.42
    PUEBLO WEST      CO   81007          2            01/24/03         00
    0435487442                           05           03/01/03          0
1

    623338668                            N            02/01/33
    0

    8519857          N74/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.000            719.46         67
                                       5.750            719.46
    CONCORD          NC   28025          5            03/07/03         00
    0435557699                           05           05/01/03          0
    0031935010                           O            04/01/33
    0

    8519923          601/G02             F          209,600.00         ZZ
                                         360        209,246.79          3
                                       6.875          1,376.93         80
                                       6.625          1,376.93
    BRIDGEPORT       CT   06605          1            01/09/03         00
    0435487566                           05           03/01/03          0
    62342340                             N            02/01/33
    0

    8520103          E22/G02             F           76,000.00         ZZ
                                         360         75,936.15          1
                                       6.875            499.27         76
                                       6.625            499.27
    FORT WORTH       TX   76108          5            02/28/03         00
    0415606821                           05           04/01/03          0
    0415606821                           O            03/01/33
    0

    8520111          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.000            431.68         21
                                       5.750            431.68
    GARBERVILLE      CA   95542          2            02/25/03         00
    0415851690                           05           05/01/03          0
    0415851690                           O            04/01/33
    0

    8520137          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.375          1,497.29         62
                                       6.125          1,497.29
    SAN ANTONIO      TX   78231          5            03/04/03         00
    0415932672                           05           05/01/03          0
    0415932672                           O            04/01/33
    0

1

    8520163          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          3
                                       7.625          1,082.92         90
                                       7.375          1,082.92
    NEWARK           NJ   07103          1            03/11/03         01
    0416009488                           05           05/01/03         25
    0416009488                           N            04/01/33
    0

    8520167          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.000            959.28         66
                                       5.750            959.28
    DENVER           CO   80241          5            03/06/03         00
    0416015246                           03           05/01/03          0
    0416015246                           O            04/01/33
    0

    8520175          E22/G02             F          205,600.00         ZZ
                                         360        205,600.00          1
                                       6.250          1,265.91         80
                                       6.000          1,265.91
    WRIGHTSVILLE BE  NC   28480          1            03/11/03         00
    0416036572                           05           05/01/03          0
    0416036572                           N            04/01/33
    0

    8520179          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       6.500            353.96         80
                                       6.250            353.96
    HAINES CITY      FL   33844          5            03/06/03         00
    0416039451                           05           05/01/03          0
    0416039451                           O            04/01/33
    0

    8520245          E22/G02             F          206,400.00         ZZ
                                         360        206,400.00          1
                                       6.125          1,254.11         80
                                       5.875          1,254.11
    DUARTE           CA   91010          5            03/04/03         00
    0416113603                           09           05/01/03          0
    0416113603                           O            04/01/33
    0

    8520253          E22/G02             F           98,300.00         ZZ
                                         360         98,300.00          1
                                       6.500            621.32         80
                                       6.250            621.32
1

    MISSOURI CITY    TX   77489          5            03/05/03         00
    0416115632                           03           05/01/03          0
    0416115632                           O            04/01/33
    0

    8520297          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          2
                                       6.625          1,306.23         75
                                       6.375          1,306.23
    PORT CHESTER     NY   10573          1            03/11/03         00
    0416166676                           05           05/01/03          0
    0416166676                           N            04/01/33
    0

    8520309          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       6.375            421.11         90
                                       6.125            421.11
    MUNGER           MI   48747          5            03/06/03         11
    0416170827                           05           05/01/03         25
    0416170827                           O            04/01/33
    0

    8520417          E82/G02             F           75,900.00         ZZ
                                         360         75,900.00          1
                                       6.000            455.06         51
                                       5.750            455.06
    LAS VEGAS        NV   89147          2            03/06/03         00
    0400799060                           03           05/01/03          0
    0400799060                           O            04/01/33
    0

    8520435          E82/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       6.625          1,184.58         60
                                       6.375          1,184.58
    HAYWARD          CA   94544          2            03/10/03         00
    0400780417                           05           05/01/03          0
    0400780417                           N            04/01/33
    0

    8520489          E82/G02             F          155,200.00         ZZ
                                         360        155,200.00          1
                                       6.500            980.97         61
                                       6.250            980.97
    EL PASO          TX   79902          2            03/04/03         00
    0400790077                           05           05/01/03          0
    0400790077                           O            04/01/33
    0
1

    8520493          E22/G02             F          154,400.00         ZZ
                                         360        154,400.00          1
                                       6.625            988.64         80
                                       6.375            988.64
    MILFORD          MI   48381          1            03/11/03         00
    0416246957                           05           05/01/03          0
    0416246957                           O            04/01/33
    0

    8520507          E82/G02             F          141,300.00         ZZ
                                         360        141,300.00          2
                                       7.125            951.96         48
                                       6.875            951.96
    TAHOE CITY       CA   96145          2            03/07/03         00
    0400757282                           05           05/01/03          0
    0400757282                           N            04/01/33
    0

    8520531          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       6.250          1,305.32         80
                                       6.000          1,305.32
    ARLINGTON        TX   76006          5            03/06/03         00
    0416263127                           03           05/01/03          0
    0416263127                           O            04/01/33
    0

    8520599          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.125          1,701.31         80
                                       5.875          1,701.31
    LIVERMORE        CA   94550          1            03/06/03         00
    0416296218                           05           05/01/03          0
    0416296218                           O            04/01/33
    0

    8520603          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.125            802.05         80
                                       5.875            802.05
    SUMNER           WA   98390          5            03/03/03         00
    0416296341                           05           05/01/03          0
    0416296341                           O            04/01/33
    0

    8520655          E22/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
1

                                       6.250          1,754.79         57
                                       6.000          1,754.79
    ELK GROVE        CA   95758          2            03/03/03         00
    0416334803                           03           05/01/03          0
    0416334803                           O            04/01/33
    0

    8520675          E22/G02             F          195,500.00         ZZ
                                         360        195,500.00          1
                                       6.125          1,187.88         72
                                       5.875          1,187.88
    VALLEJO          CA   94589          5            03/03/03         00
    0416369155                           05           05/01/03          0
    0416369155                           O            04/01/33
    0

    8521151          A52/G02             F          216,000.00         ZZ
                                         360        216,000.00          4
                                       6.875          1,418.97         90
                                       6.625          1,418.97
    RINCON           GA   31326          1            03/10/03         11
    0435558556                           05           05/01/03         25
    23737                                N            04/01/33
    0

    8521159          U09/G02             F          135,000.00         ZZ
                                         360        134,892.04          1
                                       7.125            909.52         68
                                       6.875            909.52
    JACKSON          MI   49201          5            02/26/03         00
    0435555511                           05           04/01/03          0
    2300174                              O            03/01/33
    0

    8521195          A35/G02             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.125          3,159.57         56
                                       5.875          3,159.57
    BLUE POINT       NY   11715          1            03/04/03         00
    0435540828                           05           05/01/03          0
    LG14086                              O            04/01/33
    0

    8521263          U05/G02             F          153,000.00         ZZ
                                         360        152,851.30          2
                                       6.125            929.64         90
                                       5.875            929.64
    ROUND ROCK       TX   78681          2            02/28/03         10
    0435569298                           05           04/01/03         25
1

    3305397                              O            03/01/33
    0

    8521615          601/G02             F          220,000.00         ZZ
                                         360        219,591.38          1
                                       6.375          1,372.52         71
                                       6.125          1,372.52
    WEST PALM BEACH  FL   33418          5            01/16/03         00
    0435489471                           03           03/01/03          0
    6235013                              O            02/01/33
    0

    8521623          601/G02             F          202,500.00         ZZ
                                         300        202,213.36          1
                                       6.125          1,320.23         80
                                       5.875          1,320.23
    HAMILTON         OH   45013          5            02/19/03         00
    0435483904                           05           04/01/03          0
    6252659                              O            03/01/28
    0

    8521693          S43/G02             F          116,800.00         ZZ
                                         360        116,800.00          1
                                       5.875            690.92         74
                                       5.625            690.92
    ALBUQUERQUE      NM   87109          5            03/05/03         00
    0435507199                           05           05/01/03          0
    030087                               O            04/01/33
    0

    8521707          Q87/G02             F          111,000.00         TX
                                         360        111,000.00          1
                                       6.125            674.45         72
                                       5.875            674.45
    KILLEEN          TX   76542          5            02/28/03         00
    0435543012                           05           05/01/03          0
    GUDA01                               O            04/01/33
    0

    8521733          883/G02             F          103,800.00         ZZ
                                         360        103,696.67          1
                                       6.000            622.33         75
                                       5.750            622.33
    WINTER PARK      FL   32792          5            02/28/03         00
    0435534094                           05           04/01/03          0
    05020708                             O            03/01/33
    0

1

    8522021          964/G02             F          150,000.00         ZZ
                                         360        149,847.06          1
                                       5.875            887.31         47
                                       5.625            887.31
    ANTELOPE         CA   95843          2            02/18/03         00
    0435495528                           05           04/01/03          0
    339034                               O            03/01/33
    0

    8522045          964/G02             F          153,350.00         ZZ
                                         360        153,189.89          1
                                       5.750            894.91         74
                                       5.500            894.91
    FLOWER MOUND     TX   75028          2            02/20/03         00
    0435498415                           05           04/01/03          0
    350840                               O            03/01/33
    0

    8522305          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       5.875            425.91         63
                                       5.625            425.91
    GARLAND          TX   75044          2            03/07/03         00
    0415826247                           05           05/01/03          0
    0415826247                           O            04/01/33
    0

    8522311          E22/G02             F          115,000.00         ZZ
                                         360        115,000.00          4
                                       6.750            745.89         75
                                       6.500            745.89
    HOUSTON          TX   77070          2            03/07/03         00
    0415907930                           05           05/01/03          0
    0415907930                           N            04/01/33
    0

    8522315          E22/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.125          2,236.01         80
                                       5.875          2,236.01
    CANBY            OR   97013          5            03/06/03         00
    0415928415                           05           05/01/03          0
    0415928415                           O            04/01/33
    0

    8522327          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       6.250            344.80         80
                                       6.000            344.80
1

    YERINGTON        NV   89447          5            03/03/03         00
    0415960517                           05           05/01/03          0
    0415960517                           O            04/01/33
    0

    8522339          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          2
                                       6.125            738.25         90
                                       5.875            738.25
    FRESNO           CA   93726          1            03/06/03         04
    0416014900                           05           05/01/03         25
    0416014900                           N            04/01/33
    0

    8522341          E22/G02             F           61,600.00         ZZ
                                         360         61,600.00          1
                                       6.500            389.35         80
                                       6.250            389.35
    HALTOM CITY      TX   76117          5            03/07/03         00
    0416027514                           05           05/01/03          0
    0416027514                           O            04/01/33
    0

    8522349          E22/G02             F           92,430.00         ZZ
                                         360         92,430.00          1
                                       5.875            546.76         90
                                       5.625            546.76
    KISSIMMEE        FL   34758          1            03/12/03         04
    0416057438                           03           05/01/03         25
    0416057438                           O            04/01/33
    0

    8522351          E22/G02             F           57,000.00         ZZ
                                         360         57,000.00          1
                                       6.500            360.28         80
                                       6.250            360.28
    ROCKAWAY BEACH   MO   65740          2            03/07/03         00
    0416064467                           01           05/01/03          0
    0416064467                           O            04/01/33
    0

    8522353          E22/G02             F          239,000.00         ZZ
                                         360        239,000.00          1
                                       5.875          1,413.78         55
                                       5.625          1,413.78
    DALLAS           TX   75214          2            03/07/03         00
    0416065308                           05           05/01/03          0
    0416065308                           O            04/01/33
    0
1

    8522427          E22/G02             F           81,750.00         ZZ
                                         360         81,750.00          1
                                       6.500            516.72         75
                                       6.250            516.72
    DALLAS           TX   75254          5            03/12/03         00
    0416137834                           09           05/01/03          0
    0416137834                           N            04/01/33
    0

    8522469          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       6.250          1,403.84         80
                                       6.000          1,403.84
    MC KINNEY        TX   75070          1            03/12/03         00
    0416201549                           03           05/01/03          0
    0416201549                           O            04/01/33
    0

    8522499          E22/G02             F          155,400.00         ZZ
                                         360        155,400.00          3
                                       7.750          1,113.30         70
                                       7.500          1,113.30
    COLORADO SPRING  CO   80903          2            03/12/03         00
    0416219038                           05           05/01/03          0
    0416219038                           N            04/01/33
    0

    8522501          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          3
                                       7.625          1,592.54         90
                                       7.375          1,592.54
    CINCINNATI       OH   45206          1            03/12/03         04
    0416219855                           05           05/01/03         25
    0416219855                           N            04/01/33
    0

    8522517          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.250            646.50         78
                                       6.000            646.50
    BEND             OR   97707          2            02/26/03         00
    0416232676                           05           05/01/03          0
    0416232676                           N            04/01/33
    0

    8522519          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
1

                                       5.875          1,656.31         80
                                       5.625          1,656.31
    MARBLE FALLS     TX   78654          5            03/07/03         00
    0416233021                           05           05/01/03          0
    0416233021                           O            04/01/33
    0

    8522535          E22/G02             F           81,738.00         ZZ
                                         360         81,738.00          1
                                       6.500            516.64         90
                                       6.250            516.64
    GRAND PRAIRIE    TX   75050          1            03/12/03         01
    0416248292                           07           05/01/03         25
    0416248292                           N            04/01/33
    0

    8522541          E22/G02             F          133,500.00         ZZ
                                         360        133,500.00          1
                                       6.125            811.16         83
                                       5.875            811.16
    COLORADO SPRING  CO   80918          2            03/07/03         01
    0416251221                           05           05/01/03         12
    0416251221                           O            04/01/33
    0

    8522555          E22/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
                                       6.625            957.91         80
                                       6.375            957.91
    BOYNTON BEACH    FL   33437          1            03/12/03         00
    0416263275                           03           05/01/03          0
    0416263275                           O            04/01/33
    0

    8522571          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.125          1,701.31         79
                                       5.875          1,701.31
    TRACY            CA   95376          2            03/06/03         00
    0416278059                           05           05/01/03          0
    0416278059                           O            04/01/33
    0

    8522577          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       6.125            461.78         80
                                       5.875            461.78
    JACKSON          MS   39204          5            03/07/03         00
    0416283513                           05           05/01/03          0
1

    0416283513                           O            04/01/33
    0

    8522581          E22/G02             F           99,000.00         T
                                         360         99,000.00          1
                                       6.375            617.63         80
                                       6.125            617.63
    PORT SAINT LUCI  FL   34986          1            03/12/03         00
    0416285195                           03           05/01/03          0
    0416285195                           O            04/01/33
    0

    8522589          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.000          2,374.22         65
                                       5.750          2,374.22
    SAN FRANCISCO    CA   94122          2            03/05/03         00
    0416297729                           07           05/01/03          0
    0416297729                           N            04/01/33
    0

    8522595          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.125            656.22         80
                                       5.875            656.22
    COLORADO SPRING  CO   80909          1            03/12/03         00
    0416302602                           05           05/01/03          0
    0416302602                           N            04/01/33
    0

    8522599          E22/G02             F           99,900.00         ZZ
                                         360         99,900.00          1
                                       6.750            647.95         80
                                       6.500            647.95
    GRAND JUNCTION   CO   81504          1            03/10/03         00
    0416306298                           09           05/01/03          0
    0416306298                           N            04/01/33
    0

    8522605          E22/G02             F          625,000.00         ZZ
                                         360        625,000.00          1
                                       6.125          3,797.57         49
                                       5.875          3,797.57
    LOS ALTOS        CA   94024          5            03/03/03         00
    0416315935                           05           05/01/03          0
    0416315935                           O            04/01/33
    0

1

    8522609          E22/G02             F          305,000.00         ZZ
                                         360        305,000.00          1
                                       6.250          1,877.94         72
                                       6.000          1,877.94
    PARAMUS          NJ   07652          5            03/07/03         00
    0416318145                           05           05/01/03          0
    0416318145                           O            04/01/33
    0

    8522623          E22/G02             F          452,300.00         ZZ
                                         360        452,300.00          1
                                       6.000          2,711.77         77
                                       5.750          2,711.77
    SAN FRANCISCO    CA   94122          2            03/05/03         00
    0416333318                           05           05/01/03          0
    0416333318                           O            04/01/33
    0

    8522625          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       6.125            865.85         72
                                       5.875            865.85
    MINNEAPOLIS      MN   55410          5            03/07/03         00
    0416334852                           05           05/01/03          0
    0416334852                           O            04/01/33
    0

    8522635          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       6.500          1,339.98         80
                                       6.250          1,339.98
    GRAHAM           WA   98338          2            03/06/03         00
    0416357614                           05           05/01/03          0
    0416357614                           O            04/01/33
    0

    8522645          E22/G02             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.000          2,397.90         69
                                       5.750          2,397.90
    SAN JOSE         CA   95118          2            03/04/03         00
    0416381309                           05           05/01/03          0
    0416381309                           O            04/01/33
    0

    8522665          E22/G02             F          128,250.00         ZZ
                                         360        128,250.00          1
                                       6.375            800.11         75
                                       6.125            800.11
1

    SALT LAKE CITY   UT   84108          1            03/07/03         00
    0416422392                           05           05/01/03          0
    0416422392                           N            04/01/33
    0

    8522729          E82/G02             F          169,400.00         ZZ
                                         360        169,400.00          1
                                       6.625          1,084.69         72
                                       6.375          1,084.69
    YAKIMA           WA   98908          5            03/10/03         00
    0400788212                           05           05/01/03          0
    0400788212                           O            04/01/33
    0

    8522765          E82/G02             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       6.500          1,826.68         53
                                       6.250          1,826.68
    JEKYLL ISLAND    GA   31527          2            03/12/03         00
    0400777090                           05           05/01/03          0
    0400777090                           N            04/01/33
    0

    8522901          601/G02             F          135,000.00         ZZ
                                         360        134,871.90          1
                                       6.250            831.22         79
                                       6.000            831.22
    DENVER           CO   80216          2            02/24/03         00
    0435489794                           07           04/01/03          0
    6251704                              N            03/01/33
    0

    8523157          964/G02             F          217,400.00         ZZ
                                         360        217,178.35          1
                                       5.875          1,286.00         56
                                       5.625          1,286.00
    LOS OSOS         CA   93402          2            02/06/03         00
    0435499967                           05           04/01/03          0
    339297                               O            03/01/33
    0

    8523161          964/G02             F          322,000.00         ZZ
                                         360        321,671.71          1
                                       5.875          1,904.75         57
                                       5.625          1,904.75
    MILPITAS         CA   95035          2            02/10/03         00
    0435495759                           03           04/01/03          0
    343576                               O            03/01/33
    0
1

    8523231          964/G02             F          147,000.00         ZZ
                                         360        146,860.52          1
                                       6.250            905.10         70
                                       6.000            905.10
    ANTELOPE         CA   95843          1            02/11/03         00
    0435490388                           05           04/01/03          0
    335516                               O            03/01/33
    0

    8523249          964/G02             F          214,400.00         ZZ
                                         360        214,196.57          1
                                       6.250          1,320.10         80
                                       6.000          1,320.10
    ROSEVILLE        CA   95678          5            02/11/03         00
    0435496575                           05           04/01/03          0
    336510                               O            03/01/33
    0

    8523299          964/G02             F          158,200.00         ZZ
                                         360        158,030.87          1
                                       5.625            910.69         37
                                       5.375            910.69
    RENO             NV   89509          2            02/06/03         00
    0435495510                           09           04/01/03          0
    312607                               O            03/01/33
    0

    8523309          964/G02             F          206,000.00         ZZ
                                         360        205,813.77          1
                                       6.500          1,302.06         76
                                       6.250          1,302.06
    GROVER BEACH     CA   93433          2            01/31/03         00
    0435495338                           05           04/01/03          0
    304707                               O            03/01/33
    0

    8523479          G27/G02             F          205,750.00         ZZ
                                         360        205,750.00          2
                                       6.500          1,300.48         75
                                       6.250          1,300.48
    LOS ANGELES      CA   90004          2            03/03/03         00
    0435492152                           05           05/01/03          0
    20003022                             O            04/01/33
    0

    8523561          Q57/G02             F          500,000.00         ZZ
                                         360        500,000.00          4
1

                                       6.500          3,160.34         70
                                       6.250          3,160.34
    REDONDO BEACH    CA   90278          5            03/05/03         00
    0435491519                           05           05/01/03          0
    10004677                             O            04/01/33
    0

    8523617          Q57/G02             F          375,000.00         ZZ
                                         360        374,644.18          1
                                       6.250          2,308.94         80
                                       6.000          2,308.94
    LOS ANGELES      CA   90064          5            02/22/03         00
    0435491550                           05           04/01/03          0
    11100689                             O            03/01/33
    0

    8523667          N47/G02             F          260,000.00         ZZ
                                         360        259,759.19          1
                                       6.375          1,622.06         80
                                       6.125          1,622.06
    CHULA VISTA      CA   91911          5            02/25/03         00
    0435515770                           05           04/01/03          0
    30502939                             O            03/01/33
    0

    8523695          X13/G02             F           56,250.00         ZZ
                                         360         56,250.00          1
                                       7.500            393.31         71
                                       7.250            393.31
    HOQUIAM          WA   98550          5            02/28/03         00
    0435496393                           05           05/01/03          0
    0681404                              N            04/01/33
    0

    8523751          964/G02             F          314,000.00         ZZ
                                         360        313,694.81          1
                                       6.125          1,907.90         66
                                       5.875          1,907.90
    SOUTH SAN FRANC  CA   94080          2            02/11/03         00
    0435500889                           05           04/01/03          0
    346965                               O            03/01/33
    0

    8523795          964/G02             F          132,000.00         ZZ
                                         360        131,880.67          1
                                       6.500            834.33         80
                                       6.250            834.33
    VICTORVILLE      CA   92392          5            02/12/03         00
    0435500863                           05           04/01/03          0
1

    337558                               O            03/01/33
    0

    8523899          Q57/G02             F          319,500.00         ZZ
                                         360        319,500.00          1
                                       5.750          1,864.52         90
                                       5.500          1,864.52
    LA MIRADA        CA   90638          5            02/28/03         10
    0435497649                           05           05/01/03         25
    20000029                             O            04/01/33
    0

    8523931          N47/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.125          2,236.01         79
                                       5.875          2,236.01
    BURBANK          CA   91504          2            03/05/03         00
    0435494752                           05           05/01/03          0
    30502153                             O            04/01/33
    0

    8523937          U87/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       6.000            563.58         31
                                       5.750            563.58
    ANAHEIM          CA   92804          2            03/11/03         00
    0435542394                           05           05/01/03          0
    0987                                 O            04/01/33
    0

    8523961          U87/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       5.875          1,206.74         80
                                       5.625          1,206.74
    STUDIO CITY      CA   91602          2            03/04/03         00
    0435542964                           01           05/01/03          0
    1495                                 O            04/01/33
    0

    8524043          E76/G02             F           66,600.00         ZZ
                                         360         66,600.00          2
                                       7.375            459.99         90
                                       7.125            459.99
    NEW ORLEANS      LA   70117          2            03/07/03         04
    0435559398                           05           05/01/03         25
    10021468                             N            04/01/33
    0

1

    8524093          S43/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       5.875            709.85         67
                                       5.625            709.85
    FT COLLINS       CO   80521          5            03/05/03         00
    0435491329                           05           05/01/03          0
    030111                               O            04/01/33
    0

    8524157          G51/G02             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       6.250          1,945.67         80
                                       6.000          1,945.67
    SANTA FE         NM   87508          5            03/06/03         00
    0435495098                           05           05/01/03          0
    29000107                             O            04/01/33
    0

    8524187          Q57/G02             F           92,000.00         ZZ
                                         360         91,916.83          1
                                       6.500            581.50         80
                                       6.250            581.50
    DEERFIELD BEACH  FL   33441          1            02/24/03         00
    0435497342                           05           04/01/03          0
    11000655                             O            03/01/33
    0

    8524225          601/G02             F          177,500.00         ZZ
                                         360        176,840.96          1
                                       6.250          1,092.90         74
                                       6.000          1,092.90
    CHERRY HILL      NJ   08003          2            01/30/03         00
    0435491345                           05           04/01/03          0
    00133596                             O            03/01/33
    0

    8524273          N67/G02             F          317,650.00         ZZ
                                         360        317,408.29          1
                                       7.375          2,193.93         95
                                       7.125          2,193.93
    GARDEN RIDGE     TX   78266          1            02/28/03         01
    0435514823                           03           04/01/03         35
    1161003890                           O            03/01/33
    0

    8524333          N67/G02             F           67,750.00         ZZ
                                         360         67,690.23          1
                                       6.625            433.81         67
                                       6.375            433.81
1

    LAS VEGAS        NV   89108          2            02/21/03         00
    0435515093                           05           04/01/03          0
    1162001204                           N            03/01/33
    0

    8524337          N67/G02             F          142,200.00         ZZ
                                         360        142,091.80          1
                                       7.375            982.14         79
                                       7.125            982.14
    CARSON CITY      NV   89701          1            02/19/03         00
    0435515119                           03           04/01/03          0
    1162001287                           O            03/01/33
    0

    8524377          601/G02             F          133,500.00         ZZ
                                         360        133,382.21          1
                                       6.625            854.82         75
                                       6.375            854.82
    PUEBLO           CO   81007          2            02/04/03         00
    0435490552                           05           04/01/03          0
    6244338                              N            03/01/33
    0

    8524405          U85/G02             F          102,588.00         ZZ
                                         360        102,495.26          1
                                       6.500            648.43         79
                                       6.250            648.43
    MILWAUKEE        WI   53207          1            02/27/03         00
    0435542600                           05           04/01/03          0
    1001                                 O            03/01/33
    0

    8524421          420/G02             F          100,000.00         ZZ
                                         360         99,898.04          1
                                       5.875            591.54         36
                                       5.625            591.54
    COTATI           CA   94931          5            02/24/03         00
    0435527627                           09           04/01/03          0
    73000149                             O            03/01/33
    0

    8524431          601/G02             F          133,600.00         ZZ
                                         360        133,482.12          1
                                       6.625            855.46         80
                                       6.375            855.46
    PUEBLO           CO   81007          2            02/04/03         00
    0435490362                           05           04/01/03          0
    62443676                             N            03/01/33
    0
1

    8524461          601/G02             F          136,000.00         ZZ
                                         360        135,753.43          1
                                       6.500            859.62         76
                                       6.250            859.62
    PUEBLO           CO   81007          2            01/31/03         00
    0435490008                           05           03/01/03          0
    62443767                             N            02/01/33
    0

    8524467          X64/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       5.875          1,325.04         78
                                       5.625          1,325.04
    WEST BLOOMFIELD  MI   48323          2            03/06/03         00
    0435555529                           05           05/01/03          0
    0000005445                           O            04/01/33
    0

    8524533          H49/G02             F           76,800.00         ZZ
                                         360         76,800.00          1
                                       7.000            510.95         80
                                       6.750            510.95
    CHICAGO          IL   60616          1            03/06/03         00
    0435513544                           06           05/01/03          0
    368831                               N            04/01/33
    0

    8524679          601/G02             F          236,500.00         ZZ
                                         360        236,264.56          1
                                       6.000          1,417.94         79
                                       5.750          1,417.94
    HEATH            TX   75032          2            02/07/03         00
    0435497169                           05           04/01/03          0
    62455274                             O            03/01/33
    0

    8524767          588/G02             F          322,000.00         ZZ
                                         360        321,701.77          1
                                       6.375          2,008.86         77
                                       6.125          2,008.86
    BETHESDA         MD   20814          1            02/10/03         00
    0435534268                           05           04/01/03          0
    1086560                              O            03/01/33
    0

    8524877          G34/G02             F           76,800.00         TX
                                         360         76,728.87          1
1

                                       6.375            479.13         80
                                       6.125            479.13
    THE COLONY       TX   75056          5            03/03/03         00
    0435571773                           05           04/01/03          0
    85214067                             O            03/01/33
    0

    8524889          N67/G02             F           63,000.00         ZZ
                                         360         62,947.07          1
                                       6.875            413.87         66
                                       6.625            413.87
    ATLANTA          GA   30318          5            02/26/03         00
    0435518907                           05           04/01/03          0
    3252004292                           N            03/01/33
    0

    8524925          S27/G02             F          141,550.00         ZZ
                                         360        141,418.89          1
                                       6.375            883.09         95
                                       6.125            883.09
    ABERDEEN         MD   21001          1            02/25/03         27
    0435533450                           05           04/01/03         30
    1130011859                           O            03/01/33
    0

    8525077          758/G02             F           40,000.00         ZZ
                                         360         39,961.13          1
                                       6.125            243.04         69
                                       5.875            243.04
    MAGNOLIA         TX   77355          1            02/28/03         00
    0435543731                           05           04/01/03          0
    330773                               N            03/01/33
    0

    8525245          642/G02             F           72,000.00         ZZ
                                         360         72,000.00          2
                                       6.375            449.19         80
                                       6.125            449.19
    LANSING          MI   48912          5            03/07/03         00
    0435508791                           05           05/01/03          0
    01137203                             O            04/01/33
    0

    8525307          N67/G02             F           98,400.00         ZZ
                                         360         98,321.31          1
                                       7.125            662.94         80
                                       6.875            662.94
    TAMPA            FL   33634          1            02/28/03         00
    0435517560                           05           04/01/03          0
1

    3254005081                           N            03/01/33
    0

    8525313          601/G02             F          244,000.00         ZZ
                                         360        243,598.82          1
                                       7.000          1,623.34         80
                                       6.750          1,623.34
    MANCHESTER       NH   03103          2            01/24/03         00
    0435492046                           05           03/01/03          0
    6236526                              O            02/01/33
    0

    8525367          S11/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.250          1,477.72         75
                                       6.000          1,477.72
    SANTA ANA        CA   92707          5            03/06/03         00
    0435553367                           05           05/01/03          0
    10211166                             O            04/01/33
    0

    8525389          601/G02             F          109,600.00         ZZ
                                         360        109,500.92          1
                                       6.500            692.75         80
                                       6.250            692.75
    ALEXANDRIA       VA   22304          1            02/06/03         00
    0435491592                           06           04/01/03          0
    6245570                              O            03/01/33
    0

    8525463          601/G02             F          194,400.00         ZZ
                                         360        194,211.05          1
                                       6.125          1,181.20         80
                                       5.875          1,181.20
    BATON ROUGE      LA   70809          5            02/05/03         00
    0435502760                           05           04/01/03          0
    62479860                             O            03/01/33
    0

    8525485          601/G02             F          192,000.00         ZZ
                                         360        191,425.30          1
                                       6.125          1,166.62         80
                                       5.875          1,166.62
    DENVER           CO   80237          5            02/04/03         00
    0435496484                           05           03/01/03          0
    6246965                              O            02/01/33
    0

1

    8525527          601/G02             F          114,750.00         ZZ
                                         360        114,643.71          1
                                       6.375            715.90         90
                                       6.125            715.90
    WHEATON          IL   60187          1            02/13/03         10
    0435496005                           01           04/01/03         25
    6246919                              N            03/01/33
    0

    8525609          742/G02             F          154,000.00         T
                                         360        154,000.00          1
                                       6.125            935.72         56
                                       5.875            935.72
    NORTH WILDWOOD   NJ   08260          2            03/07/03         00
    0435491287                           07           05/01/03          0
    6526065                              O            04/01/33
    0

    8525955          601/G02             F          185,000.00         ZZ
                                         360        184,590.76          1
                                       6.250          1,139.08         38
                                       6.000          1,139.08
    BOULDER          CO   80303          5            02/04/03         00
    0435496856                           03           03/01/03          0
    62475181                             O            02/01/33
    0

    8526005          N67/G02             F           76,000.00         ZZ
                                         360         75,934.57          1
                                       6.750            492.93         72
                                       6.500            492.93
    TORRINGTON       CT   06790          1            03/04/03         00
    0435522404                           01           04/01/03          0
    3274007888                           O            03/01/33
    0

    8526043          M29/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       6.250          1,145.23         75
                                       6.000          1,145.23
    ARVADA           CO   80004          5            02/26/03         00
    0435571211                           05           05/01/03          0
    0211160PM                            O            04/01/33
    0

    8526131          601/G02             F          211,059.00         ZZ
                                         360        210,858.74          1
                                       6.250          1,299.53         68
                                       6.000          1,299.53
1

    NAPLES           FL   34108          5            02/13/03         00
    0435498605                           05           04/01/03          0
    62455779                             O            03/01/33
    0

    8526377          E82/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
                                       6.500            553.06         56
                                       6.250            553.06
    FEDERAL WAY      WA   98023          2            03/11/03         00
    0400788170                           01           05/01/03          0
    0400788170                           O            04/01/33
    0

    8526389          E82/G02             F           71,700.00         ZZ
                                         360         71,700.00          1
                                       6.250            441.47         52
                                       6.000            441.47
    LAKE WORTH       FL   33463          2            03/12/03         00
    0400789129                           03           05/01/03          0
    0400789129                           O            04/01/33
    0

    8526433          E82/G02             F          109,300.00         ZZ
                                         360        109,300.00          1
                                       6.125            664.12         77
                                       5.875            664.12
    LAS VEGAS        NV   89121          2            03/11/03         00
    0400794434                           09           05/01/03          0
    0400794434                           O            04/01/33
    0

    8526709          E22/G02             F           80,010.00         ZZ
                                         360         80,010.00          1
                                       6.750            518.94         90
                                       6.500            518.94
    SAN ANTONIO      TX   78239          1            03/12/03         01
    0416208064                           05           05/01/03         25
    0416208064                           N            04/01/33
    0

    8526717          E22/G02             F          287,200.00         ZZ
                                         360        287,200.00          1
                                       6.125          1,745.06         80
                                       5.875          1,745.06
    TRACY            CA   95376          1            03/11/03         00
    0416217651                           05           05/01/03          0
    0416217651                           N            04/01/33
    0
1

    8526725          E22/G02             F          132,800.00         ZZ
                                         360        132,800.00          1
                                       5.750            774.98         80
                                       5.500            774.98
    LAS VEGAS        NV   89134          1            03/05/03         00
    0416349561                           03           05/01/03          0
    0416349561                           O            04/01/33
    0

    8526753          E22/G02             F          107,100.00         ZZ
                                         360        107,100.00          1
                                       6.750            694.65         90
                                       6.500            694.65
    N. LAUDERDALE    FL   33068          1            03/13/03         04
    0416408284                           09           05/01/03         25
    0416408284                           N            04/01/33
    0

    8526785          E22/G02             F          283,000.00         ZZ
                                         360        283,000.00          1
                                       6.375          1,765.55         85
                                       6.125          1,765.55
    SAN JUAN CAPIST  CA   92675          5            03/06/03         11
    0416114338                           03           05/01/03         12
    0416114338                           O            04/01/33
    0

    8526795          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       6.625            486.64         95
                                       6.375            486.64
    FRANKLIN         IN   46131          1            03/13/03         04
    0416232007                           05           05/01/03         30
    0416232007                           O            04/01/33
    0

    8526805          E22/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
                                       5.875          1,508.42         65
                                       5.625          1,508.42
    GRANITE BAY      CA   95746          2            03/04/03         00
    0416251205                           05           05/01/03          0
    0416251205                           N            04/01/33
    0

    8526807          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
1

                                       7.750          1,020.89         95
                                       7.500          1,020.89
    SPOKANE          WA   99216          5            03/03/03         10
    0416258333                           05           05/01/03         30
    0416258333                           O            04/01/33
    0

    8526821          E22/G02             F           66,800.00         ZZ
                                         360         66,800.00          1
                                       6.875            438.83         80
                                       6.625            438.83
    HOUSTON          TX   77033          5            03/13/03         00
    0416283315                           05           05/01/03          0
    0416283315                           N            04/01/33
    0

    8526825          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       5.875            425.91         80
                                       5.625            425.91
    BROKEN ARROW     OK   74011          1            03/13/03         00
    0416306637                           05           05/01/03          0
    0416306637                           O            04/01/33
    0

    8526847          E22/G02             F          319,920.00         ZZ
                                         360        319,920.00          1
                                       6.250          1,969.80         80
                                       6.000          1,969.80
    BALTIMORE        MD   21231          1            03/13/03         00
    0416155059                           08           05/01/03          0
    0416155059                           O            04/01/33
    0

    8526937          601/G02             F          190,000.00         ZZ
                                         360        189,819.71          2
                                       6.250          1,169.87         73
                                       6.000          1,169.87
    AUSTIN           TX   78704          2            02/06/03         00
    0435505268                           05           04/01/03          0
    62472840                             O            03/01/33
    0

    8527015          601/G02             F          261,000.00         ZZ
                                         360        260,538.17          1
                                       6.625          1,671.22         90
                                       6.375          1,671.22
    MIRAMAR          FL   33027          1            01/31/03         11
    0435505482                           05           03/01/03         25
1

    62454129                             N            02/01/33
    0

    8527073          601/G02             F          100,000.00         ZZ
                                         360         99,907.38          1
                                       6.375            623.87         69
                                       6.125            623.87
    NAPLES           FL   34116          5            02/07/03         00
    0435505599                           05           04/01/03          0
    62455670                             O            03/01/33
    0

    8528023          E47/G02             F           56,000.00         ZZ
                                         360         55,948.13          1
                                       6.375            349.37         78
                                       6.125            349.37
    NEWTON           NC   28658          5            02/27/03         00
    0435552450                           05           04/01/03          0
    7350510649                           O            03/01/33
    0

    8528061          U05/G02             F          290,000.00         ZZ
                                         360        289,731.41          1
                                       6.375          1,809.22         79
                                       6.125          1,809.22
    LOS ANGELES      CA   90064          5            02/20/03         00
    0435566872                           01           04/01/03          0
    3310783                              O            03/01/33
    0

    8528235          F89/G02             F          445,000.00         ZZ
                                         360        444,577.77          1
                                       6.250          2,739.94         79
                                       6.000          2,739.94
    PASADENA         CA   91104          2            02/24/03         00
    0435523030                           05           04/01/03          0
    16827850                             O            03/01/33
    0

    8528373          N47/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.250          1,446.94         58
                                       6.000          1,446.94
    CAPITOLA         CA   95010          1            03/06/03         00
    0435601190                           05           05/01/03          0
    20503421                             O            04/01/33
    0

1

    8528417          601/G02             F          202,300.00         T
                                         360        202,108.05          1
                                       6.250          1,245.60         53
                                       6.000          1,245.60
    LAKE LOTAWANNA   MO   64086          5            03/03/03         00
    0435499942                           03           04/01/03          0
    62464326                             O            03/01/33
    0

    8528455          B23/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       6.250          1,379.21         80
                                       6.000          1,379.21
    IRVINE           CA   92614          5            03/10/03         00
    0435546916                           01           05/01/03          0
    80000284                             O            04/01/33
    0

    8528545          601/G02             F          154,000.00         ZZ
                                         360        153,857.37          1
                                       6.375            960.76         73
                                       6.125            960.76
    LONGMONT         CO   80501          2            02/26/03         00
    0435498951                           05           04/01/03          0
    62507470                             N            03/01/33
    0

    8528585          K60/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       6.250            683.45         85
                                       6.000            683.45
    RANDOLPH         MA   02368          1            03/07/03         04
    0435555966                           01           05/01/03         12
    74067                                O            04/01/33
    0

    8528815          624/G02             F          506,250.00         ZZ
                                         360        505,769.65          1
                                       6.250          3,117.07         75
                                       6.000          3,117.07
    IRVINE           CA   92604          5            02/26/03         00
    0435523923                           03           04/01/03          0
    1000021506                           O            03/01/33
    0

    8529331          A06/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.000          2,697.98         79
                                       5.750          2,697.98
1

    ANN ARBOR        MI   48108          5            03/07/03         00
    0435536800                           05           05/01/03          0
    1000020300073                        O            04/01/33
    0

    8529335          X31/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
                                       6.375            645.71         90
                                       6.125            645.71
    PHOENIX          AZ   85032          2            03/06/03         10
    0435635149                           05           05/01/03         25
    70000129                             O            04/01/33
    0

    8529349          L20/G02             F           80,100.00         ZZ
                                         360         80,100.00          1
                                       6.625            512.89         90
                                       6.375            512.89
    CLEARFIELD       UT   84015          1            03/11/03         14
    0435545991                           05           05/01/03         25
    1061030143                           N            04/01/33
    0

    8529593          E57/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.125          2,126.64         75
                                       5.875          2,126.64
    IRVINE           CA   92612          5            03/06/03         00
    0435552500                           03           05/01/03          0
    17300440                             O            04/01/33
    0

    8529703          P44/G02             F          195,200.00         ZZ
                                         360        195,200.00          1
                                       6.125          1,186.06         80
                                       5.875          1,186.06
    HYANNIS          MA   02601          5            02/26/03         00
    0435521588                           05           05/01/03          0
    02120034                             O            04/01/33
    0

    8529717          K15/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       7.125            576.03         84
                                       6.875            576.03
    GREENWOOD        DE   19950          5            03/04/03         41
    0435536248                           05           05/01/03         12
    013405511765                         O            04/01/33
    0
1

    8529731          X71/G02             F          205,000.00         ZZ
                                         360        205,000.00          1
                                       6.500          1,295.74         51
                                       6.250          1,295.74
    SAN JOSE         CA   95148          2            02/26/03         00
    0435554910                           05           05/01/03          0
    7644835                              O            04/01/33
    0

    8529895          U05/G02             F          400,000.00         TX
                                         360        399,638.40          1
                                       6.500          2,528.27         58
                                       6.250          2,528.27
    AUSTIN           TX   78735          5            02/28/03         00
    0435509252                           29           04/01/03          0
    3313465                              O            03/01/33
    0

    8530063          E22/G02             F           62,360.00         ZZ
                                         360         62,360.00          1
                                       7.500            436.03         80
                                       7.250            436.03
    VISALIA          CA   93292          1            03/07/03         00
    0416332930                           05           05/01/03          0
    0416332930                           N            04/01/33
    0

    8530075          E22/G02             F          224,750.00         ZZ
                                         360        224,750.00          1
                                       6.125          1,365.60         90
                                       5.875          1,365.60
    LA PALMA         CA   90623          1            03/11/03         04
    0416346237                           09           05/01/03         25
    0416346237                           N            04/01/33
    0

    8530099          E22/G02             F           52,400.00         ZZ
                                         360         52,400.00          1
                                       6.125            318.39         80
                                       5.875            318.39
    PUEBLO           CO   81004          2            03/14/03         00
    0416379212                           05           05/01/03          0
    0416379212                           N            04/01/33
    0

    8530231          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
1

                                       6.000            767.42         80
                                       5.750            767.42
    SUMMERVILLE      SC   29485          2            03/10/03         00
    0415569367                           05           05/01/03          0
    0415569367                           O            04/01/33
    0

    8530241          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       5.875          1,135.75         80
                                       5.625          1,135.75
    EVERETT          WA   98205          2            03/06/03         00
    0415873637                           05           05/01/03          0
    0415873637                           O            04/01/33
    0

    8530245          E22/G02             F          183,000.00         ZZ
                                         360        183,000.00          1
                                       6.000          1,097.18         80
                                       5.750          1,097.18
    HOUSTON          TX   77004          5            03/06/03         00
    0415904838                           05           05/01/03          0
    0415904838                           O            04/01/33
    0

    8530251          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.125          1,118.00         80
                                       5.875          1,118.00
    TACOMA           WA   98406          2            02/28/03         00
    0415929058                           05           05/01/03          0
    0415929058                           N            04/01/33
    0

    8530253          E22/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       6.250            708.07         54
                                       6.000            708.07
    RAYMORE          MO   64083          1            03/12/03         00
    0415946805                           05           05/01/03          0
    0415946805                           O            04/01/33
    0

    8530297          E22/G02             F          140,800.00         ZZ
                                         360        140,800.00          4
                                       7.000            936.75         80
                                       6.750            936.75
    KALAMAZOO        MI   49001          2            03/14/03         00
    0416047751                           05           05/01/03          0
1

    0416047751                           N            04/01/33
    0

    8530305          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       5.875            798.58         45
                                       5.625            798.58
    SAUGUS           MA   01906          5            03/10/03         00
    0416065951                           05           05/01/03          0
    0416065951                           O            04/01/33
    0

    8530307          E22/G02             F          161,100.00         ZZ
                                         360        161,100.00          1
                                       6.000            965.88         90
                                       5.750            965.88
    CRESCENT         IA   51526          2            03/10/03         04
    0416067270                           05           05/01/03         12
    0416067270                           O            04/01/33
    0

    8530323          E22/G02             F           62,190.00         ZZ
                                         360         62,190.00          1
                                       7.750            445.54         90
                                       7.500            445.54
    OPELOUSAS        LA   70570          1            03/14/03         01
    0416097947                           05           05/01/03         25
    0416097947                           N            04/01/33
    0

    8530325          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       7.625          1,008.61         95
                                       7.375          1,008.61
    ABINGDON         MD   21009          5            03/10/03         01
    0416104321                           09           05/01/03         30
    0416104321                           O            04/01/33
    0

    8530327          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.125            729.13         58
                                       5.875            729.13
    DIAMOND SPRINGS  CA   95619          5            03/06/03         00
    0416108686                           05           05/01/03          0
    0416108686                           O            04/01/33
    0

1

    8530335          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.500          1,011.31         78
                                       6.250          1,011.31
    MIAMI            FL   33183          1            03/14/03         00
    0416121804                           05           05/01/03          0
    0416121804                           O            04/01/33
    0

    8530341          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.500            809.05         80
                                       6.250            809.05
    SAN ANTONIO      TX   78230          5            03/07/03         00
    0416130177                           03           05/01/03          0
    0416130177                           O            04/01/33
    0

    8530363          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       5.875          1,330.96         90
                                       5.625          1,330.96
    SOUTH OGDEN      UT   84403          5            03/06/03         04
    0416160174                           05           05/01/03         25
    0416160174                           O            04/01/33
    0

    8530371          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       6.500            540.42         77
                                       6.250            540.42
    WETUMPKA         AL   36092          5            03/10/03         00
    0416166171                           05           05/01/03          0
    0416166171                           O            04/01/33
    0

    8530437          E82/G02             F          109,300.00         ZZ
                                         360        109,300.00          1
                                       6.375            681.89         93
                                       6.125            681.89
    SPRING           TX   77388          2            03/13/03         04
    0400777108                           03           05/01/03         30
    0400777108                           O            04/01/33
    0

    8530459          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.44         80
                                       5.875          2,430.44
1

    AUSTIN           TX   78731          5            03/10/03         00
    0416228419                           05           05/01/03          0
    0416228419                           O            04/01/33
    0

    8530481          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.625            896.44         76
                                       6.375            896.44
    HOUSTON          TX   77014          2            03/10/03         00
    0416235315                           03           05/01/03          0
    0416235315                           O            04/01/33
    0

    8530519          E22/G02             F           77,000.00         ZZ
                                         360         77,000.00          1
                                       6.250            474.10         77
                                       6.000            474.10
    FEDERALSBURG     MD   21632          5            03/10/03         00
    0416256220                           05           05/01/03          0
    0416256220                           O            04/01/33
    0

    8530529          E22/G02             F           77,040.00         ZZ
                                         360         77,040.00          1
                                       6.125            468.10         80
                                       5.875            468.10
    HOUSTON          TX   77084          1            03/14/03         00
    0416257830                           03           05/01/03          0
    0416257830                           O            04/01/33
    0

    8530541          E22/G02             F          128,250.00         ZZ
                                         360        128,250.00          1
                                       6.125            779.26         73
                                       5.875            779.26
    TARPON SPRINGS   FL   34689          5            03/10/03         00
    0416265684                           03           05/01/03          0
    0416265684                           O            04/01/33
    0

    8530545          E22/G02             F          215,000.00         ZZ
                                         360        215,000.00          2
                                       6.500          1,358.95         60
                                       6.250          1,358.95
    LOS ANGELES      CA   90008          5            03/05/03         00
    0416272532                           05           05/01/03          0
    0416272532                           N            04/01/33
    0
1

    8530553          E22/G02             F           93,500.00         ZZ
                                         360         93,500.00          1
                                       6.500            590.98         75
                                       6.250            590.98
    LANTANA          FL   33462          2            03/10/03         00
    0416281269                           05           05/01/03          0
    0416281269                           O            04/01/33
    0

    8530555          E22/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
                                       6.375            539.02         80
                                       6.125            539.02
    EL PASO          TX   79936          5            03/06/03         00
    0416281863                           05           05/01/03          0
    0416281863                           O            04/01/33
    0

    8530569          E22/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
                                       6.500            391.88         80
                                       6.250            391.88
    POMPANO BEACH    FL   33068          1            03/14/03         00
    0416292936                           07           05/01/03          0
    0416292936                           N            04/01/33
    0

    8530587          E22/G02             F          615,000.00         ZZ
                                         360        615,000.00          1
                                       6.250          3,786.66         75
                                       6.000          3,786.66
    DALLAS           TX   75252          5            03/10/03         00
    0416299766                           05           05/01/03          0
    0416299766                           O            04/01/33
    0

    8530589          E22/G02             F          110,300.00         ZZ
                                         360        110,300.00          1
                                       6.125            670.19         54
                                       5.875            670.19
    DENVER           CO   80213          5            03/10/03         00
    0416300911                           05           05/01/03          0
    0416300911                           O            04/01/33
    0

    8530595          E22/G02             F          122,000.00         ZZ
                                         360        122,000.00          1
1

                                       6.125            741.28         88
                                       5.875            741.28
    ROSEBURG         OR   97470          5            03/10/03         04
    0416310266                           05           05/01/03         25
    0416310266                           O            04/01/33
    0

    8530607          E22/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
                                       6.500            391.88         56
                                       6.250            391.88
    COLORADO SPRING  CO   80915          5            03/14/03         00
    0416318186                           05           05/01/03          0
    0416318186                           N            04/01/33
    0

    8530615          E22/G02             F          621,750.00         ZZ
                                         360        621,750.00          1
                                       5.875          3,677.89         75
                                       5.625          3,677.89
    HUNTINGTON BEAC  CA   92648          5            03/10/03         00
    0416321685                           05           05/01/03          0
    0416321685                           O            04/01/33
    0

    8531657          U05/G02             F          356,000.00         ZZ
                                         360        355,617.08          1
                                       6.125          2,163.09         78
                                       5.875          2,163.09
    EUGENE           OR   97405          2            02/21/03         00
    0435671391                           05           04/01/03          0
    3312899                              O            03/01/33
    0

    8531977          U05/G02             F          355,000.00         TX
                                         360        355,000.00          1
                                       6.375          2,214.74         79
                                       6.125          2,214.74
    HOUSTON          TX   77005          5            03/05/03         00
    0435525944                           05           05/01/03          0
    3308750                              O            04/01/33
    0

    8532107          X89/G02             F          400,000.00         ZZ
                                         360        399,592.18          1
                                       5.875          2,366.15         55
                                       5.625          2,366.15
    LOS ANGELES      CA   90291          5            02/19/03         00
    0435534326                           05           04/01/03          0
1

    1010242280                           O            03/01/33
    0

    8532329          696/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.375          1,622.06         80
                                       6.125          1,622.06
    UPPER MARLBORO   MD   20772          1            03/10/03         00
    0435571187                           05           05/01/03          0
    23303066                             O            04/01/33
    0

    8532401          742/G02             F          288,000.00         ZZ
                                         360        288,000.00          2
                                       6.625          1,844.10         80
                                       6.375          1,844.10
    BRONX            NY   10469          5            02/27/03         00
    0435538830                           05           05/01/03          0
    NY02111802MV                         O            04/01/33
    0

    8532423          286/286             F          134,100.00         ZZ
                                         360        133,874.04          2
                                       6.875            880.94         90
                                       6.625            880.94
    AUSTIN           TX   78757          1            01/01/03         14
    1908171                              05           03/01/03         25
    1908171                              N            02/01/33
    0

    8532437          286/286             F           98,400.00         ZZ
                                         360         98,058.20          1
                                       6.750            638.23         80
                                       6.500            638.23
    STONE MOUNTAIN   GA   30088          5            11/22/02         00
    1716239                              05           01/01/03          0
    1716239                              N            12/01/32
    0

    8532451          286/286             F          203,100.00         ZZ
                                         360        202,722.78          1
                                       6.375          1,267.08         80
                                       6.125          1,267.08
    LONG BEACH       CA   90805          1            01/07/03         00
    1911661                              05           03/01/03          0
    1911661                              O            02/01/33
    0

1

    8532473          286/286             F           77,098.00         ZZ
                                         360         76,855.21          1
                                       7.250            525.95         90
                                       7.000            525.95
    AUSTIN           TX   78704          1            11/15/02         11
    1723110                              05           01/01/03         25
    1723110                              N            12/01/32
    0

    8532499          286/286             F          243,000.00         ZZ
                                         360        242,580.38          3
                                       6.750          1,576.10         90
                                       6.500          1,576.10
    LOS ANGELES      CA   90044          1            01/17/03         12
    1965825                              05           03/01/03         25
    1965825                              O            02/01/33
    0

    8532507          286/286             F          110,000.00         ZZ
                                         360        109,814.63          1
                                       6.875            722.63         80
                                       6.625            722.63
    ST LOUIS         MO   63111          2            01/27/03         00
    1927689                              05           03/01/03          0
    1927689                              N            02/01/33
    0

    8532523          286/286             F          115,200.00         ZZ
                                         360        114,991.14          2
                                       6.500            728.15         80
                                       6.250            728.15
    LAKEWOOD         OH   44107          5            02/04/03         00
    1768337                              05           03/01/03          0
    1768337                              N            02/01/33
    0

    8532525          286/286             F          104,250.00         ZZ
                                         360        104,078.59          2
                                       7.000            693.58         63
                                       6.750            693.58
    WALLED LAKE      MI   48390          5            01/27/03         00
    1833281                              05           03/01/03          0
    1833281                              N            02/01/33
    0

    8532531          286/286             F          113,400.00         ZZ
                                         360        113,218.08          1
                                       7.125            764.00         90
                                       6.875            764.00
1

    PRAIRIE VILLAGE  KS   66208          1            01/28/03         04
    1964479                              05           03/01/03         25
    1964479                              N            02/01/33
    0

    8532541          286/286             F           52,200.00         ZZ
                                         360         52,003.81          1
                                       7.500            365.00         90
                                       7.250            365.00
    KANSAS CITY      MO   64124          1            10/31/02         11
    1726441                              05           12/01/02         25
    1726441                              N            11/01/32
    0

    8532559          286/286             F          130,005.00         ZZ
                                         360        129,516.49          2
                                       7.500            909.02         90
                                       7.250            909.02
    ELLWOOD CITY     PA   16117          1            11/05/02         04
    1719333                              05           12/01/02         25
    1719333                              N            11/01/32
    0

    8532561          286/286             F          258,500.00         ZZ
                                         360        258,105.39          4
                                       7.375          1,785.40         90
                                       7.125          1,785.40
    WORCESTER        MA   01603          1            01/21/03         12
    1854660                              05           03/01/03         25
    1854660                              N            02/01/33
    0

    8532565          286/286             F           94,005.00         ZZ
                                         360         93,651.77          2
                                       7.500            657.30         90
                                       7.250            657.30
    WAMPUM           PA   16157          1            11/05/02         04
    1719344                              05           12/01/02         25
    1719344                              N            11/01/32
    0

    8532571          286/286             F           83,430.00         ZZ
                                         360         83,116.49          2
                                       7.500            583.36         90
                                       7.250            583.36
    BUTLER           PA   16001          1            11/05/02         04
    1719390                              05           12/01/02         25
    1719390                              N            11/01/32
    0
1

    8532579          286/286             F          154,000.00         ZZ
                                         360        153,713.98          4
                                       6.375            960.76         80
                                       6.125            960.76
    PHOENIX          AZ   85020          1            01/15/03         00
    1894185                              05           03/01/03          0
    1894185                              N            02/01/33
    0

    8532585          286/286             F          154,000.00         ZZ
                                         360        153,713.98          4
                                       6.375            960.76         80
                                       6.125            960.76
    PHOENIX          AZ   85020          1            01/15/03         00
    1894237                              05           03/01/03          0
    1894237                              N            02/01/33
    0

    8532589          286/286             F           85,275.00         ZZ
                                         360         85,116.60          1
                                       6.375            532.01         56
                                       6.125            532.01
    DENVER           CO   80220          2            01/30/03         00
    1959484                              05           03/01/03          0
    1959484                              N            02/01/33
    0

    8532591          286/286             F          109,600.00         ZZ
                                         360        109,375.96          1
                                       5.875            648.33         80
                                       5.625            648.33
    MODESTO          CA   95350          1            01/09/03         00
    1925806                              05           03/01/03          0
    1925806                              N            02/01/33
    0

    8532597          286/286             F          141,000.00         ZZ
                                         360        140,744.37          1
                                       6.500            891.22         54
                                       6.250            891.22
    COMMERCE TOWNSH  MI   48390          1            01/15/03         00
    1881984                              05           03/01/03          0
    1881984                              O            02/01/33
    0

    8532601          286/286             F          115,000.00         ZZ
                                         360        114,786.39          2
1

                                       6.375            717.46         25
                                       6.125            717.46
    SAN DIEGO        CA   92116          2            01/08/03         00
    1901753                              05           03/01/03          0
    1901753                              N            02/01/33
    0

    8532603          286/286             F           72,000.00         ZZ
                                         360         71,881.62          2
                                       7.000            479.02         90
                                       6.750            479.02
    ROCKFORD         IL   61103          1            01/31/03         11
    1906211                              05           03/01/03         25
    1906211                              N            02/01/33
    0

    8532637          286/286             F          119,250.00         ZZ
                                         360        119,044.06          1
                                       6.750            773.46         90
                                       6.500            773.46
    REX              GA   30273          1            01/31/03         12
    1974716                              05           03/01/03         25
    1974716                              N            02/01/33
    0

    8532649          286/286             F          370,000.00         ZZ
                                         360        369,345.30          1
                                       6.625          2,369.16         80
                                       6.375          2,369.16
    MIAMI            FL   33156          1            01/28/03         00
    1974238                              05           03/01/03          0
    1974238                              O            02/01/33
    0

    8532653          286/286             F          134,000.00         ZZ
                                         360        133,757.05          2
                                       6.500            846.98         75
                                       6.250            846.98
    PLYMOUTH         MI   48170          2            01/31/03         00
    1875693                              05           03/01/03          0
    1875693                              N            02/01/33
    0

    8532657          286/286             F          134,000.00         ZZ
                                         360        133,757.05          2
                                       6.500            846.98         75
                                       6.250            846.98
    PLYMOUTH         MI   48170          2            01/31/03         00
    1875695                              05           03/01/03          0
1

    1875695                              N            02/01/33
    0

    8532661          286/286             F          175,000.00         ZZ
                                         360        174,719.27          2
                                       7.125          1,179.01         90
                                       6.875          1,179.01
    PROVIDENCE       RI   02906          1            01/16/03         12
    1802999                              05           03/01/03         25
    1802999                              N            02/01/33
    0

    8532675          286/286             F           78,400.00         ZZ
                                         360         78,074.89          1
                                       7.000            521.60         80
                                       6.750            521.60
    BRANDON          FL   33511          1            10/30/02         00
    1738931                              05           12/01/02          0
    1738931                              N            11/01/32
    0

    8532677          286/286             F           34,400.00         ZZ
                                         360         34,343.43          1
                                       7.000            228.87         80
                                       6.750            228.87
    DAYTON           OH   45439          1            01/29/03         00
    1923777                              01           03/01/03          0
    1923777                              O            02/01/33
    0

    8532683          286/286             F          121,500.00         ZZ
                                         360        121,390.16          1
                                       6.500            767.97         90
                                       6.250            767.97
    MIAMI            FL   33174          1            02/04/03         11
    2024878                              01           04/01/03         25
    2024878                              N            03/01/33
    0

    8532687          286/286             F          110,200.00         ZZ
                                         360        110,018.80          1
                                       7.000            733.17         90
                                       6.750            733.17
    SOUTH BOARDMAN   MI   49680          2            01/06/03         12
    1843076                              05           03/01/03         25
    1843076                              O            02/01/33
    0

1

    8532693          286/286             F          148,000.00         ZZ
                                         360        147,731.67          1
                                       6.500            935.47         80
                                       6.250            935.47
    MOUNTAIN CENTER  CA   92561          5            01/15/03         00
    1730405                              05           03/01/03          0
    1730405                              O            02/01/33
    0

    8532713          286/286             F          109,000.00         ZZ
                                         360        108,591.85          1
                                       6.750            706.97         78
                                       6.500            706.97
    BATON ROUGE      LA   70817          2            11/04/02         00
    1599175                              05           01/01/03          0
    1599175                              N            12/01/32
    0

    8532715          286/286             F          259,340.00         ZZ
                                         360        258,944.11          1
                                       7.375          1,791.20         95
                                       7.125          1,791.20
    MIAMI            FL   33184          1            01/08/03         12
    1921811                              05           03/01/03         30
    1921811                              O            02/01/33
    0

    8532727          286/286             F           93,000.00         ZZ
                                         360         92,831.38          1
                                       6.500            587.83         73
                                       6.250            587.83
    SAN JUAN CAPIST  CA   92675          2            01/21/03         00
    1962899                              01           03/01/03          0
    1962899                              N            02/01/33
    0

    8532737          286/286             F          109,100.00         ZZ
                                         360        108,998.94          2
                                       6.375            680.65         74
                                       6.125            680.65
    MENTOR           OH   44060          2            02/08/03         00
    1913772                              05           04/01/03          0
    1913772                              N            03/01/33
    0

    8532745          286/286             F           47,000.00         ZZ
                                         360         46,918.83          1
                                       6.750            304.85         66
                                       6.500            304.85
1

    NORTH TRURO      MA   02652          2            01/24/03         00
    1916487                              01           03/01/03          0
    1916487                              N            02/01/33
    0

    8532749          286/286             F          103,500.00         ZZ
                                         360        103,325.58          1
                                       6.875            679.93         75
                                       6.625            679.93
    MARIETTA         GA   30060          5            01/21/03         00
    1912014                              05           03/01/03          0
    1912014                              N            02/01/33
    0

    8532755          286/286             F           15,300.00         ZZ
                                         360         15,276.05          1
                                       7.250            104.38         90
                                       7.000            104.38
    BALTIMORE        MD   21212          1            01/28/03         12
    1933763                              05           03/01/03         25
    1933763                              N            02/01/33
    0

    8532759          286/286             F           56,250.00         ZZ
                                         360         56,159.76          1
                                       7.125            378.97         75
                                       6.875            378.97
    ST LOUIS         MO   63135          5            01/06/03         00
    1881691                              05           03/01/03          0
    1881691                              N            02/01/33
    0

    8532785          286/286             F          452,000.00         ZZ
                                         360        451,140.00          1
                                       6.250          2,783.05         80
                                       6.000          2,783.05
    MIRAMAR          FL   33029          2            01/27/03         00
    1971174                              05           03/01/03          0
    1971174                              O            02/01/33
    0

    8532791          286/286             F          172,000.00         ZZ
                                         360        171,672.74          1
                                       6.250          1,059.04         75
                                       6.000          1,059.04
    SEATTLE          WA   98125          2            01/24/03         00
    1881757                              05           03/01/03          0
    1881757                              N            02/01/33
    0
1

    8532801          286/286             F           47,610.00         ZZ
                                         360         47,535.48          1
                                       7.250            324.79         90
                                       7.000            324.79
    INDIANAPOLIS     IN   46225          1            01/17/03         12
    1944018                              05           03/01/03         25
    1944018                              N            02/01/33
    0

    8532817          286/286             F          162,000.00         ZZ
                                         360        161,706.29          1
                                       6.500          1,023.96         90
                                       6.250          1,023.96
    MANCHESTER       NH   03109          1            01/27/03         11
    1916779                              05           03/01/03         25
    1916779                              N            02/01/33
    0

    8532823          286/286             F          100,000.00         ZZ
                                         360         99,814.27          1
                                       6.375            623.87         80
                                       6.125            623.87
    TUCSON           AZ   85705          1            02/03/03         00
    1951025                              05           03/01/03          0
    1951025                              N            02/01/33
    0

    8532827          286/286             F           67,900.00         ZZ
                                         360         67,646.42          1
                                       6.375            423.61         80
                                       6.125            423.61
    DAYTON           OH   45420          1            11/21/02         00
    1768435                              05           01/01/03          0
    1768435                              N            12/01/32
    0

    8532835          286/286             F          610,000.00         ZZ
                                         360        608,839.39          1
                                       6.250          3,755.88         71
                                       6.000          3,755.88
    WESTPORT         CT   06880          2            01/28/03         00
    1897146                              05           03/01/03          0
    1897146                              O            02/01/33
    0

    8532847          286/286             F           98,500.00         ZZ
                                         360         98,157.90          1
1

                                       6.750            638.87         43
                                       6.500            638.87
    WHEATON          MD   20906          2            11/22/02         00
    1644055                              05           01/01/03          0
    1644055                              N            12/01/32
    0

    8532851          286/286             F          114,000.00         ZZ
                                         360        113,889.20          2
                                       6.125            692.68         76
                                       5.875            692.68
    PROVIDENCE       RI   02908          2            02/07/03         00
    1852921                              05           04/01/03          0
    1852921                              N            03/01/33
    0

    8532853          286/286             F          103,500.00         ZZ
                                         360        103,140.54          1
                                       6.750            671.30         80
                                       6.500            671.30
    BLOOMINGTON      IL   61701          2            11/15/02         00
    1626364                              05           01/01/03          0
    1626364                              N            12/01/32
    0

    8532857          286/286             F          104,000.00         ZZ
                                         360        103,620.82          1
                                       6.500            657.36         80
                                       6.250            657.36
    NEW LENOX        IL   60451          2            11/01/02         00
    1630973                              01           01/01/03          0
    1630973                              N            12/01/32
    0

    8532859          286/286             F           92,700.00         ZZ
                                         360         92,393.37          3
                                       7.000            616.74         90
                                       6.750            616.74
    HOLYOKE          MA   01040          1            11/18/02         12
    1716360                              05           01/01/03         25
    1716360                              N            12/01/32
    0

    8532865          286/286             F           79,200.00         ZZ
                                         360         79,124.85          1
                                       6.250            487.65         90
                                       6.000            487.65
    MONROE           GA   30656          1            02/05/03         21
    1989246                              05           04/01/03         30
1

    1989246                              N            03/01/33
    0

    8532867          286/286             F          116,000.00         ZZ
                                         360        115,784.55          1
                                       6.375            723.69         80
                                       6.125            723.69
    RICHMOND         VA   23230          5            01/13/03         00
    1664941                              05           03/01/03          0
    1664941                              O            02/01/33
    0

    8532893          286/286             F           86,100.00         ZZ
                                         360         86,022.17          1
                                       6.500            544.21         70
                                       6.250            544.21
    ASHEVILLE        NC   28805          2            02/04/03         00
    1897790                              05           04/01/03          0
    1897790                              N            03/01/33
    0

    8532897          286/286             F           85,000.00         ZZ
                                         360         84,849.59          1
                                       6.625            544.27         66
                                       6.375            544.27
    WATERBURY        CT   06762          2            01/24/03         00
    1859514                              05           03/01/03          0
    1859514                              N            02/01/33
    0

    8532917          286/286             F           56,000.00         ZZ
                                         360         55,907.93          1
                                       7.000            372.57         80
                                       6.750            372.57
    WESTLAND         PA   15378          5            12/27/02         00
    1727393                              05           03/01/03          0
    1727393                              O            02/01/33
    0

    8532919          286/286             F           81,000.00         ZZ
                                         360         80,834.42          1
                                       5.875            479.15         90
                                       5.625            479.15
    SIMPSONVILLE     SC   29681          1            01/22/03         12
    1914137                              05           03/01/03         25
    1914137                              N            02/01/33
    0

1

    8532925          286/286             F          121,500.00         ZZ
                                         360        121,279.72          1
                                       6.500            767.96         90
                                       6.250            767.96
    TAMPA            FL   33613          1            01/22/03         10
    1923458                              05           03/01/03         30
    1923458                              O            02/01/33
    0

    8532929          286/286             F          129,000.00         ZZ
                                         360        128,760.39          1
                                       6.375            804.80         75
                                       6.125            804.80
    CHICAGO          IL   60613          5            01/20/03         00
    1891704                              01           03/01/03          0
    1891704                              O            02/01/33
    0

    8532931          286/286             F          123,600.00         ZZ
                                         360        123,391.72          2
                                       6.875            811.97         80
                                       6.625            811.97
    PITTSBURGH       PA   15205          1            01/07/03         00
    1906885                              05           03/01/03          0
    1906885                              N            02/01/33
    0

    8532933          286/286             F           76,500.00         ZZ
                                         360         76,374.21          2
                                       7.000            508.96         90
                                       6.750            508.96
    NORFOLK          VA   23513          1            01/15/03         11
    1891270                              05           03/01/03         25
    1891270                              N            02/01/33
    0

    8532943          286/286             F          108,000.00         ZZ
                                         360        107,606.25          2
                                       6.500            682.64         56
                                       6.250            682.64
    MATAWAN          NJ   07728          2            11/08/02         00
    1096006                              05           01/01/03          0
    1096006                              N            12/01/32
    0

    8532955          286/286             F           85,000.00         ZZ
                                         360         84,830.34          4
                                       6.000            509.62         61
                                       5.750            509.62
1

    NOGALES          AZ   85648          5            01/22/03         00
    1874387                              05           03/01/03          0
    1874387                              N            02/01/33
    0

    8532979          286/286             F           80,800.00         ZZ
                                         360         80,638.72          1
                                       6.000            484.44         80
                                       5.750            484.44
    HOUSTON          TX   77042          5            01/17/03         00
    1962905                              05           03/01/03          0
    1962905                              N            02/01/33
    0

    8532985          286/286             F          400,000.00         ZZ
                                         360        399,342.33          1
                                       7.000          2,661.21         83
                                       6.750          2,661.21
    SUNNY ISLES      FL   33160          1            01/10/03         04
    1914592                              01           03/01/03         12
    1914592                              O            02/01/33
    0

    8532995          286/286             F          195,000.00         ZZ
                                         360        194,646.47          4
                                       6.500          1,232.54         38
                                       6.250          1,232.54
    SAN DIEGO        CA   92115          2            01/08/03         00
    1800367                              05           03/01/03          0
    1800367                              N            02/01/33
    0

    8532999          286/286             F          500,000.00         ZZ
                                         360        499,136.58          1
                                       6.750          3,243.00         39
                                       6.500          3,243.00
    PALO ALTO        CA   94306          1            01/15/03         00
    1931913                              05           03/01/03          0
    1931913                              O            02/01/33
    0

    8533005          286/286             F          649,950.00         ZZ
                                         360        648,683.34          1
                                       6.125          3,949.17         52
                                       5.875          3,949.17
    DUCK             NC   27949          2            01/16/03         00
    1691590                              05           03/01/03          0
    1691590                              N            02/01/33
    0
1

    8533009          286/286             F          202,400.00         ZZ
                                         360        201,995.99          1
                                       6.000          1,213.50         80
                                       5.750          1,213.50
    RUSH CITY        MN   55069          2            01/27/03         00
    1919528                              05           03/01/03          0
    1919528                              O            02/01/33
    0

    8533017          286/286             F          105,800.00         ZZ
                                         360        105,523.73          1
                                       6.375            660.05         90
                                       6.125            660.05
    DRIPPING SPRING  TX   78620          1            01/31/03         10
    2005887                              05           03/01/03         30
    2005887                              N            02/01/33
    0

    8533023          286/286             F           81,600.00         ZZ
                                         360         81,444.74          1
                                       6.250            502.43         80
                                       6.000            502.43
    BLOOMINGTON      IL   61701          1            01/21/03         00
    1948837                              05           03/01/03          0
    1948837                              N            02/01/33
    0

    8533031          286/286             F          400,000.00         ZZ
                                         360        399,201.59          1
                                       6.000          2,398.21         56
                                       5.750          2,398.21
    PASADENA         CA   91105          5            01/23/03         00
    1963022                              05           03/01/03          0
    1963022                              O            02/01/33
    0

    8533037          286/286             F          122,000.00         ZZ
                                         360        121,892.36          1
                                       6.625            781.18         80
                                       6.375            781.18
    BERLIN           MD   21811          5            02/13/03         00
    1993773                              05           04/01/03          0
    1993773                              N            03/01/33
    0

    8533041          286/286             F          146,000.00         ZZ
                                         360        145,385.93          2
1

                                       6.625            934.86         80
                                       6.375            934.86
    SHAKER HTS       OH   44122          2            11/18/02         00
    1695973                              05           01/01/03          0
    1695973                              N            12/01/32
    0

    8533043          286/286             F           77,600.00         ZZ
                                         360         77,421.75          2
                                       7.375            535.97         80
                                       7.125            535.97
    DETROIT          MI   48210          1            12/30/02         00
    1805983                              05           02/01/03          0
    1805983                              N            01/01/33
    0

    8533055          286/286             F          141,000.00         ZZ
                                         360        140,624.73          1
                                       6.625            902.84         75
                                       6.375            902.84
    ST CLAIR SHORES  MI   48080          5            12/09/02         00
    1795684                              05           02/01/03          0
    1795684                              O            01/01/33
    0

    8533059          286/286             F          116,000.00         ZZ
                                         360        115,660.03          1
                                       6.125            704.83         80
                                       5.875            704.83
    MANCHESTER       NJ   08757          5            12/27/02         00
    1460766                              05           02/01/03          0
    1460766                              O            01/01/33
    0

    8533067          286/286             F          195,000.00         ZZ
                                         360        194,601.40          1
                                       5.875          1,153.50         31
                                       5.625          1,153.50
    ROWLEY           MA   01969          2            01/17/03         00
    1694806                              05           03/01/03          0
    1694806                              O            02/01/33
    0

    8533073          286/286             F          175,000.00         ZZ
                                         360        174,682.70          1
                                       6.500          1,106.12         54
                                       6.250          1,106.12
    BROOKLYN         NY   11236          5            01/21/03         00
    1909361                              05           03/01/03          0
1

    1909361                              N            02/01/33
    0

    8533081          286/286             F          100,000.00         ZZ
                                         360         99,905.11          1
                                       6.250            615.72         75
                                       6.000            615.72
    TUCSON           AZ   85741          1            02/10/03         00
    1980445                              05           04/01/03          0
    1980445                              N            03/01/33
    0

    8533087          286/286             F           87,000.00         ZZ
                                         360         86,853.40          1
                                       6.875            571.53         75
                                       6.625            571.53
    HAZEL PARK       MI   48030          5            01/13/03         00
    1881951                              05           03/01/03          0
    1881951                              N            02/01/33
    0

    8533093          286/286             F          105,750.00         ZZ
                                         360        105,567.37          1
                                       6.750            685.89         75
                                       6.500            685.89
    TUCSON           AZ   85715          5            01/23/03         00
    1877052                              05           03/01/03          0
    1877052                              N            02/01/33
    0

    8533113          286/286             F          182,750.00         ZZ
                                         360        182,442.06          4
                                       6.875          1,200.54         85
                                       6.625          1,200.54
    LAUDERHILL       FL   33313          1            01/10/03         12
    1893898                              05           03/01/03         20
    1893898                              N            02/01/33
    0

    8533121          286/286             F           51,200.00         ZZ
                                         360         51,104.89          1
                                       6.375            319.43         80
                                       6.125            319.43
    DAYTON           OH   45404          2            01/24/03         00
    1841362                              05           03/01/03          0
    1841362                              N            02/01/33
    0

1

    8533123          286/286             F           85,400.00         ZZ
                                         360         85,096.08          1
                                       6.625            546.83         90
                                       6.375            546.83
    BOSSIER CITY     LA   71112          1            11/20/02         04
    1747338                              05           01/01/03         35
    1747338                              N            12/01/32
    0

    8533129          286/286             F           76,000.00         ZZ
                                         360         75,855.39          1
                                       6.250            467.95         80
                                       6.000            467.95
    CHICAGO          IL   60636          5            01/31/03         00
    1957721                              05           03/01/03          0
    1957721                              N            02/01/33
    0

    8533131          286/286             F          266,000.00         ZZ
                                         360        265,540.65          4
                                       6.750          1,725.28         70
                                       6.500          1,725.28
    ELIZABETH        NJ   07207          5            01/31/03         00
    1953100                              05           03/01/03          0
    1953100                              N            02/01/33
    0

    8533133          286/286             F           66,700.00         ZZ
                                         360         66,587.59          1
                                       6.875            438.18         75
                                       6.625            438.18
    BURLESON         TX   76028          5            01/24/03         00
    1904440                              05           03/01/03          0
    1904440                              N            02/01/33
    0

    8533135          286/286             F          120,300.00         ZZ
                                         360        119,505.40          1
                                       6.500            760.38         52
                                       6.250            760.38
    ARLINGTON        VA   22206          2            10/30/02         00
    1603033                              03           12/01/02          0
    1603033                              N            11/01/32
    0

    8533137          286/286             F           66,700.00         ZZ
                                         360         66,587.59          1
                                       6.875            438.18         75
                                       6.625            438.18
1

    BURLESON         TX   76028          5            01/24/03         00
    1904454                              05           03/01/03          0
    1904454                              N            02/01/33
    0

    8533139          286/286             F           22,500.00         ZZ
                                         360         22,442.97          2
                                       6.875            147.81         90
                                       6.625            147.81
    MUSKEGON         MI   49442          1            12/31/02         11
    1863101                              05           02/01/03         25
    1863101                              N            01/01/33
    0

    8533145          286/286             F          133,500.00         ZZ
                                         360        133,257.96          1
                                       6.500            843.82         77
                                       6.250            843.82
    GLENDALE         AZ   85306          2            01/17/03         00
    1918640                              05           03/01/03          0
    1918640                              O            02/01/33
    0

    8533147          286/286             F           94,500.00         ZZ
                                         360         94,332.78          1
                                       6.625            605.10         90
                                       6.375            605.10
    ATLANTA          GA   30311          1            01/09/03         10
    1897380                              05           03/01/03         25
    1897380                              N            02/01/33
    0

    8533151          286/286             F          101,600.00         ZZ
                                         360        101,168.29          1
                                       6.875            667.44         80
                                       6.625            667.44
    SCHWENKSVILLE    PA   19473          1            10/30/02         00
    1685840                              05           12/01/02          0
    1685840                              N            11/01/32
    0

    8533157          286/286             F          306,000.00         ZZ
                                         360        305,471.60          1
                                       6.750          1,984.71         68
                                       6.500          1,984.71
    BETHESDA         MD   20817          5            01/16/03         00
    1871745                              05           03/01/03          0
    1871745                              O            02/01/33
    0
1

    8533165          286/286             F          261,000.00         ZZ
                                         360        260,338.39          1
                                       6.875          1,714.59         90
                                       6.625          1,714.59
    SPRINGFIELD      NJ   07081          1            12/27/02         04
    1845647                              01           02/01/03         25
    1845647                              N            01/01/33
    0

    8533167          286/286             F           91,000.00         ZZ
                                         360         90,691.54          2
                                       6.875            597.81         73
                                       6.625            597.81
    PHILADELPHIA     PA   19128          2            11/12/02         00
    1704381                              05           01/01/03          0
    1704381                              N            12/01/32
    0

    8533171          286/286             F           92,800.00         ZZ
                                         360         92,471.20          1
                                       6.000            556.38         80
                                       5.750            556.38
    ALBUQUERQUE      NM   87108          1            12/13/02         00
    1947780                              05           02/01/03          0
    1947780                              N            01/01/33
    0

    8533173          286/286             F          143,000.00         ZZ
                                         360        142,734.39          1
                                       6.375            892.14         55
                                       6.125            892.14
    SCHWENKSVILLE    PA   19473          5            01/27/03         00
    1887349                              05           03/01/03          0
    1887349                              O            02/01/33
    0

    8533177          286/286             F           76,000.00         ZZ
                                         360         75,865.51          1
                                       6.625            486.64         80
                                       6.375            486.64
    FAIRFAX          VA   22031          1            01/30/03         00
    1963822                              01           03/01/03          0
    1963822                              N            02/01/33
    0

    8533179          286/286             F          500,000.00         ZZ
                                         360        499,136.58          2
1

                                       6.750          3,243.00         55
                                       6.500          3,243.00
    LA JOLLA         CA   92037          1            01/22/03         00
    1962357                              05           03/01/03          0
    1962357                              N            02/01/33
    0

    8533183          286/286             F          128,000.00         ZZ
                                         360        127,804.60          2
                                       7.375            884.07         76
                                       7.125            884.07
    KEANSBURG        NJ   07734          5            01/23/03         00
    1899089                              05           03/01/03          0
    1899089                              N            02/01/33
    0

    8533185          286/286             F           80,500.00         ZZ
                                         360         80,177.03          1
                                       6.000            482.64         70
                                       5.750            482.64
    PORTLAND         OR   97211          2            11/22/02         00
    1742784                              05           01/01/03          0
    1742784                              N            12/01/32
    0

    8533187          286/286             F          128,000.00         ZZ
                                         360        127,804.60          2
                                       7.375            884.07         72
                                       7.125            884.07
    KEANSBURG        NJ   07734          5            01/17/03         00
    1899093                              05           03/01/03          0
    1899093                              N            02/01/33
    0

    8533193          286/286             F          108,500.00         ZZ
                                         360        108,094.82          1
                                       6.375            676.90         70
                                       6.125            676.90
    LOUISVILLE       KY   40258          1            11/13/02         00
    1573726                              01           01/01/03          0
    1573726                              N            12/01/32
    0

    8533209          286/286             F          435,000.00         ZZ
                                         360        434,248.83          1
                                       6.750          2,821.41         67
                                       6.500          2,821.41
    UPPER SADDLE RI  NJ   07458          2            01/21/03         00
    1579065                              05           03/01/03          0
1

    1579065                              O            02/01/33
    0

    8533215          286/286             F          136,000.00         ZZ
                                         360        135,753.45          1
                                       6.500            859.61         80
                                       6.250            859.61
    PALMETTO         GA   30268          2            01/15/03         00
    1934619                              05           03/01/03          0
    1934619                              N            02/01/33
    0

    8533217          286/286             F          100,000.00         ZZ
                                         360         99,843.51          3
                                       7.250            682.18         80
                                       7.000            682.18
    SPRINGFIELD      MA   01108          5            01/21/03         00
    1838588                              05           03/01/03          0
    1838588                              N            02/01/33
    0

    8533229          286/286             F           67,240.00         ZZ
                                         360         67,132.14          1
                                       7.125            453.01         80
                                       6.875            453.01
    OXON HILL        MD   20745          1            01/21/03         00
    1789667                              05           03/01/03          0
    1789667                              N            02/01/33
    0

    8533233          286/286             F           86,400.00         ZZ
                                         360         86,243.36          1
                                       6.500            546.11         76
                                       6.250            546.11
    ROANOKE          VA   24018          5            01/24/03         00
    1937449                              05           03/01/03          0
    1937449                              N            02/01/33
    0

    8533237          286/286             F          225,000.00         ZZ
                                         360        224,561.50          1
                                       6.125          1,367.13         54
                                       5.875          1,367.13
    SHERMAN          CT   06784          1            01/29/03         00
    1836717                              05           03/01/03          0
    1836717                              O            02/01/33
    0

1

    8533247          286/286             F           80,000.00         ZZ
                                         360         79,854.95          1
                                       6.500            505.66         48
                                       6.250            505.66
    ALEXANDRIA       VA   22307          2            01/16/03         00
    1925245                              01           03/01/03          0
    1925245                              N            02/01/33
    0

    8533255          286/286             F          243,600.00         ZZ
                                         360        242,564.93          4
                                       6.875          1,600.28         70
                                       6.625          1,600.28
    ENGLEWOOD        NJ   07631          5            10/25/02         00
    1634495                              05           12/01/02          0
    1634495                              N            11/01/32
    0

    8533261          286/286             F           98,000.00         ZZ
                                         360         97,834.85          1
                                       6.875            643.80         62
                                       6.625            643.80
    WARWICK          RI   02889          5            01/24/03         00
    1934495                              05           03/01/03          0
    1934495                              O            02/01/33
    0

    8533267          286/286             F          140,000.00         ZZ
                                         360        139,739.97          1
                                       6.375            873.42         69
                                       6.125            873.42
    HOUSTON          TX   77009          5            01/24/03         00
    1858649                              05           03/01/03          0
    1858649                              N            02/01/33
    0

    8533273          286/286             F          509,500.00         ZZ
                                         360        508,620.19          1
                                       6.750          3,304.61         71
                                       6.500          3,304.61
    MANASQUAN        NJ   08736          2            01/09/03         00
    1879019                              01           03/01/03          0
    1879019                              O            02/01/33
    0

    8533281          286/286             F          123,200.00         ZZ
                                         360        122,987.26          1
                                       6.750            799.07         80
                                       6.500            799.07
1

    APEX             NC   27502          2            01/06/03         00
    1847572                              05           03/01/03          0
    1847572                              O            02/01/33
    0

    8533283          286/286             F          103,000.00         ZZ
                                         360        102,365.54          1
                                       6.000            617.54         66
                                       5.750            617.54
    LAS VEGAS        NV   89144          2            01/27/03         00
    1873367                              05           03/01/03          0
    1873367                              N            02/01/33
    0

    8533293          286/286             F           87,200.00         ZZ
                                         360         86,967.89          1
                                       6.625            558.36         80
                                       6.375            558.36
    JACKSONVILLE     FL   32210          5            12/24/02         00
    1911747                              05           02/01/03          0
    1911747                              O            01/01/33
    0

    8533295          286/286             F          112,400.00         ZZ
                                         360        112,191.24          1
                                       6.375            701.23         80
                                       6.125            701.23
    MESA             AZ   85206          1            01/22/03         00
    1977999                              05           03/01/03          0
    1977999                              N            02/01/33
    0

    8533299          286/286             F          115,000.00         ZZ
                                         360        114,590.78          1
                                       6.625            736.36         71
                                       6.375            736.36
    CROFTON          MD   21114          2            11/27/02         00
    1698500                              03           01/01/03          0
    1698500                              N            12/01/32
    0

    8533303          286/286             F          112,000.00         ZZ
                                         360        111,901.18          1
                                       6.625            717.15         80
                                       6.375            717.15
    WHITEHALL        MI   49461          1            02/05/03         00
    1976462                              05           04/01/03          0
    1976462                              N            03/01/33
    0
1

    8533305          286/286             F           38,400.00         ZZ
                                         360         38,328.67          1
                                       6.375            239.57         80
                                       6.125            239.57
    PHOENIX          AZ   85051          1            01/14/03         00
    1869898                              01           03/01/03          0
    1869898                              N            02/01/33
    0

    8533319          286/286             F          312,300.00         ZZ
                                         360        311,747.40          1
                                       6.625          1,999.70         90
                                       6.375          1,999.70
    BETHLEHEM        CT   06751          1            01/29/03         12
    1871396                              05           03/01/03         25
    1871396                              O            02/01/33
    0

    8533325          286/286             F           51,200.00         ZZ
                                         360         51,026.45          2
                                       6.875            336.35         80
                                       6.625            336.35
    WARREN           MI   48089          1            12/05/02         00
    1750187                              05           01/01/03          0
    1750187                              N            12/01/32
    0

    8533333          286/286             F          134,950.00         ZZ
                                         360        134,738.81          3
                                       7.250            920.60         90
                                       7.000            920.60
    SPRINGFIELD      MA   01108          1            01/30/03         11
    1953332                              05           03/01/03         25
    1953332                              N            02/01/33
    0

    8533343          286/286             F          135,000.00         ZZ
                                         360        134,465.12          3
                                       6.625            864.42         65
                                       6.375            864.42
    HOLLYWOOD        FL   33020          5            01/14/03         00
    1914831                              05           03/01/03          0
    1914831                              N            02/01/33
    0

    8533345          286/286             F          184,500.00         ZZ
                                         360        184,181.39          3
1

                                       6.750          1,196.67         90
                                       6.500          1,196.67
    CINCINNATI       OH   45212          1            01/14/03         10
    1853187                              05           03/01/03         25
    1853187                              N            02/01/33
    0

    8533351          286/286             F          366,850.00         ZZ
                                         360        366,168.64          1
                                       6.375          2,288.67         74
                                       6.125          2,288.67
    COROLLA          NC   27927          5            01/28/03         00
    1826455                              05           03/01/03          0
    1826455                              N            02/01/33
    0

    8533353          286/286             F          140,000.00         ZZ
                                         360        139,764.09          1
                                       6.875            919.70         80
                                       6.625            919.70
    SCOTTSDALE       AZ   85257          2            01/27/03         00
    1883315                              05           03/01/03          0
    1883315                              N            02/01/33
    0

    8533363          286/286             F          120,000.00         ZZ
                                         360        119,787.66          1
                                       6.625            768.37         78
                                       6.375            768.37
    ATLANTA          GA   30316          5            01/31/03         00
    1863927                              05           03/01/03          0
    1863927                              N            02/01/33
    0

    8533377          286/286             F          115,200.00         ZZ
                                         360        115,100.81          1
                                       6.750            747.19         80
                                       6.500            747.19
    EAST POINT       GA   30344          5            02/07/03         00
    1907799                              05           04/01/03          0
    1907799                              N            03/01/33
    0

    8533381          286/286             F          203,000.00         ZZ
                                         360        202,613.76          4
                                       6.250          1,249.91         32
                                       6.000          1,249.91
    HAYWARD          CA   94541          5            01/13/03         00
    1932623                              05           03/01/03          0
1

    1932623                              N            02/01/33
    0

    8533389          286/286             F          240,000.00         ZZ
                                         360        239,543.35          1
                                       6.250          1,477.73         77
                                       6.000          1,477.73
    SILVER SPRING    MD   20904          5            01/27/03         00
    1969797                              05           03/01/03          0
    1969797                              O            02/01/33
    0

    8533397          286/286             F           94,000.00         ZZ
                                         360         93,807.85          1
                                       5.875            556.05         80
                                       5.625            556.05
    HOUSTON          TX   77079          1            01/24/03         00
    1935409                              03           03/01/03          0
    1935409                              O            02/01/33
    0

    8533399          286/286             F          134,350.00         ZZ
                                         360        133,889.40          1
                                       6.500            849.19         62
                                       6.250            849.19
    FREDERICK        MD   21703          2            01/13/03         00
    1910836                              05           03/01/03          0
    1910836                              N            02/01/33
    0

    8533405          286/286             F           55,200.00         ZZ
                                         360         55,106.97          1
                                       6.875            362.63         90
                                       6.625            362.63
    COLUMBIA         SC   29201          1            01/31/03         10
    1958707                              01           03/01/03         25
    1958707                              N            02/01/33
    0

    8533407          286/286             F           98,700.00         ZZ
                                         360         98,322.42          1
                                       6.250            607.72         70
                                       6.000            607.72
    MESA             AZ   85203          2            11/19/02         00
    1708194                              05           01/01/03          0
    1708194                              N            12/01/32
    0

1

    8533411          286/286             F           98,000.00         ZZ
                                         360         97,822.32          1
                                       6.500            619.43         56
                                       6.250            619.43
    MARIETTA         GA   30064          2            01/23/03         00
    1880198                              05           03/01/03          0
    1880198                              N            02/01/33
    0

    8533415          286/286             F          124,000.00         ZZ
                                         360        123,769.69          1
                                       6.375            773.60         69
                                       6.125            773.60
    HANOVER PARK     IL   60103          2            01/27/03         00
    1935269                              05           03/01/03          0
    1935269                              N            02/01/33
    0

    8533423          286/286             F           80,550.00         ZZ
                                         360         80,407.45          1
                                       6.625            515.78         90
                                       6.375            515.78
    VIRGINIA BEACH   VA   23462          1            01/30/03         10
    1941859                              05           03/01/03         25
    1941859                              N            02/01/33
    0

    8533453          286/286             F          244,000.00         ZZ
                                         360        243,546.80          1
                                       6.375          1,522.25         69
                                       6.125          1,522.25
    BURLINGTON       MA   01803          2            01/27/03         00
    1873082                              05           03/01/03          0
    1873082                              N            02/01/33
    0

    8533455          286/286             F          244,800.00         ZZ
                                         360        244,322.91          1
                                       6.125          1,487.44         77
                                       5.875          1,487.44
    PONTE VEDRA BEA  FL   32082          5            01/24/03         00
    1896689                              05           03/01/03          0
    1896689                              O            02/01/33
    0

    8533459          286/286             F           96,000.00         ZZ
                                         360         95,834.22          1
                                       6.750            622.66         80
                                       6.500            622.66
1

    INDIANAPOLIS     IN   46220          1            01/24/03         00
    1982822                              05           03/01/03          0
    1982822                              N            02/01/33
    0

    8533461          286/286             F          110,000.00         ZZ
                                         360        109,805.35          2
                                       6.625            704.35         80
                                       6.375            704.35
    URBANA           IL   61801          2            01/30/03         00
    1876597                              05           03/01/03          0
    1876597                              N            02/01/33
    0

    8533463          286/286             F          116,000.00         ZZ
                                         360        115,794.73          2
                                       6.625            742.77         80
                                       6.375            742.77
    URBANA           IL   61801          2            01/29/03         00
    1876644                              05           03/01/03          0
    1876644                              N            02/01/33
    0

    8533469          286/286             F           89,200.00         ZZ
                                         360         89,045.97          1
                                       6.750            578.55         80
                                       6.500            578.55
    MOORESVILLE      NC   28115          1            01/17/03         00
    1881846                              05           03/01/03          0
    1881846                              N            02/01/33
    0

    8533471          286/286             F           99,200.00         ZZ
                                         360         99,024.47          2
                                       6.625            635.19         80
                                       6.375            635.19
    URBANA           IL   61801          2            01/29/03         00
    1876664                              05           03/01/03          0
    1876664                              N            02/01/33
    0

    8533485          286/286             F          147,000.00         ZZ
                                         360        146,764.18          3
                                       7.125            990.37         70
                                       6.875            990.37
    TUCSON           AZ   85705          5            02/04/03         00
    1875343                              05           03/01/03          0
    1875343                              N            02/01/33
    0
1

    8533489          286/286             F           28,000.00         ZZ
                                         360         27,897.92          1
                                       6.500            176.98         80
                                       6.250            176.98
    BINGHAMTON       NY   13901          1            11/15/02         00
    1745360                              05           01/01/03          0
    1745360                              N            12/01/32
    0

    8533491          286/286             F          162,000.00         ZZ
                                         360        161,609.03          3
                                       7.125          1,091.43         90
                                       6.875          1,091.43
    NORTH LAUDERDAL  FL   33068          1            12/27/02         21
    1854256                              05           02/01/03         25
    1854256                              N            01/01/33
    0

    8533533          286/286             F          183,000.00         ZZ
                                         360        182,727.51          2
                                       7.500          1,279.57         90
                                       7.250          1,279.57
    CONYERS          GA   30013          2            01/09/03         10
    1900829                              05           03/01/03         25
    1900829                              N            02/01/33
    0

    8533539          286/286             F          155,000.00         ZZ
                                         360        154,712.11          1
                                       6.375            967.00         62
                                       6.125            967.00
    TINTON FALLS     NJ   07724          5            01/22/03         00
    1713500                              05           03/01/03          0
    1713500                              O            02/01/33
    0

    8533543          286/286             F           90,000.00         ZZ
                                         360         89,836.82          2
                                       6.500            568.86         90
                                       6.250            568.86
    SHELTON          WA   98584          1            01/23/03         12
    1903302                              05           03/01/03         25
    1903302                              N            02/01/33
    0

    8533553          286/286             F           93,150.00         ZZ
                                         360         92,976.98          4
1

                                       6.375            581.14         90
                                       6.125            581.14
    SAN ANTONIO      TX   78221          1            01/23/03         11
    1947408                              05           03/01/03         25
    1947408                              N            02/01/33
    0

    8533561          286/286             F           93,600.00         ZZ
                                         360         93,297.89          2
                                       7.125            630.61         80
                                       6.875            630.61
    CINCINNATI       OH   45219          1            11/14/02         00
    1645457                              05           01/01/03          0
    1645457                              N            12/01/32
    0

    8533573          286/286             F           88,500.00         ZZ
                                         360         88,190.59          1
                                       6.750            574.01         75
                                       6.500            574.01
    TAMPA            FL   33613          5            11/18/02         00
    1788178                              05           01/01/03          0
    1788178                              N            12/01/32
    0

    8533579          286/286             F          206,400.00         ZZ
                                         360        206,043.58          1
                                       6.750          1,338.71         80
                                       6.500          1,338.71
    NAGS HEAD        NC   27949          5            01/27/03         00
    1928211                              05           03/01/03          0
    1928211                              O            02/01/33
    0

    8533581          286/286             F          195,000.00         ZZ
                                         360        194,646.47          1
                                       6.500          1,232.54         75
                                       6.250          1,232.54
    ROCHESTER        MI   48307          5            12/31/02         00
    1880564                              05           03/01/03          0
    1880564                              O            02/01/33
    0

    8533583          286/286             F          136,500.00         ZZ
                                         360        136,227.54          3
                                       6.000            818.39         70
                                       5.750            818.39
    BRISTOL          CT   06010          5            02/04/03         00
    1894752                              05           03/01/03          0
1

    1894752                              N            02/01/33
    0

    8533587          286/286             F          129,500.00         ZZ
                                         360        129,241.52          3
                                       6.000            776.42         70
                                       5.750            776.42
    BRISTOL          CT   06010          5            02/04/03         00
    1894754                              05           03/01/03          0
    1894754                              N            02/01/33
    0

    8533591          286/286             F           72,000.00         ZZ
                                         360         71,881.62          1
                                       7.000            479.02         90
                                       6.750            479.02
    CINCINNATI       OH   45220          1            01/22/03         12
    1871353                              05           03/01/03         25
    1871353                              N            02/01/33
    0

    8533597          286/286             F           95,000.00         ZZ
                                         360         94,916.18          1
                                       6.625            608.30         68
                                       6.375            608.30
    NORTHLAKE        WI   53064          2            02/13/03         00
    1978793                              05           04/01/03          0
    1978793                              N            03/01/33
    0

    8533607          286/286             F          110,000.00         ZZ
                                         360        109,814.63          1
                                       6.875            722.63         79
                                       6.625            722.63
    ST ALBANS        VT   05478          2            01/21/03         00
    1889030                              05           03/01/03          0
    1889030                              O            02/01/33
    0

    8533623          286/286             F          103,400.00         ZZ
                                         360        102,916.01          1
                                       6.375            645.08         90
                                       6.125            645.08
    WESTERVILLE      OH   43081          1            10/30/02         11
    1706308                              05           12/01/02         25
    1706308                              N            11/01/32
    0

1

    8533633          286/286             F          127,500.00         ZZ
                                         360        127,257.41          1
                                       6.250            785.04         80
                                       6.000            785.04
    LAND O' LAKES    FL   34639          1            01/09/03         00
    1912187                              05           03/01/03          0
    1912187                              N            02/01/33
    0

    8533635          286/286             F          215,000.00         ZZ
                                         360        214,427.78          1
                                       6.625          1,376.67         69
                                       6.375          1,376.67
    HUNTLEY          IL   60142          5            12/20/02         00
    1867511                              05           02/01/03          0
    1867511                              O            01/01/33
    0

    8533641          286/286             F           56,700.00         ZZ
                                         360         56,613.43          1
                                       7.375            391.62         90
                                       7.125            391.62
    KEANSBURG        NJ   07734          1            01/16/03         04
    1876346                              05           03/01/03         25
    1876346                              N            02/01/33
    0

    8533643          286/286             F           91,800.00         ZZ
                                         360         91,503.71          1
                                       7.125            618.48         90
                                       6.875            618.48
    SARASOTA         FL   34233          1            11/15/02         14
    1730663                              05           01/01/03         25
    1730663                              N            12/01/32
    0

    8533645          286/286             F          171,500.00         ZZ
                                         360        171,218.02          3
                                       7.000          1,141.00         70
                                       6.750          1,141.00
    MANCHESTER       NH   03104          5            01/29/03         00
    1879312                              05           03/01/03          0
    1879312                              N            02/01/33
    0

    8533647          286/286             F           87,000.00         ZZ
                                         360         86,204.68          1
                                       6.125            528.63         58
                                       5.875            528.63
1

    MARIETTA         GA   30067          2            01/14/03         00
    1888654                              05           03/01/03          0
    1888654                              N            02/01/33
    0

    8533657          286/286             F           30,000.00         ZZ
                                         360         29,903.17          1
                                       7.125            202.12         43
                                       6.875            202.12
    CELINA           OH   45822          5            11/20/02         00
    1754043                              05           01/01/03          0
    1754043                              N            12/01/32
    0

    8533659          286/286             F           56,850.00         ZZ
                                         360         56,744.40          1
                                       6.375            354.68         76
                                       6.125            354.68
    VIRGINIA BEACH   VA   23464          2            01/24/03         00
    1809241                              05           03/01/03          0
    1809241                              N            02/01/33
    0

    8533663          286/286             F           90,000.00         ZZ
                                         360         89,635.51          2
                                       6.375            561.49         45
                                       6.125            561.49
    ST PAUL          MN   55106          5            11/22/02         00
    1790380                              05           01/01/03          0
    1790380                              N            12/01/32
    0

    8533665          286/286             F          375,000.00         ZZ
                                         360        374,303.49          1
                                       6.375          2,339.52         59
                                       6.125          2,339.52
    SHELTON          CT   06484          2            01/13/03         00
    1822903                              05           03/01/03          0
    1822903                              O            02/01/33
    0

    8533669          286/286             F           38,800.00         ZZ
                                         360         38,722.55          1
                                       6.000            232.63         80
                                       5.750            232.63
    ALBUQUERQUE      NM   87102          1            01/20/03         00
    1941795                              05           03/01/03          0
    1941795                              N            02/01/33
    0
1

    8533675          286/286             F           92,700.00         ZZ
                                         360         92,453.28          1
                                       6.625            593.57         90
                                       6.375            593.57
    RICHARDSON       TX   75080          1            12/26/02         10
    1995246                              05           02/01/03         25
    1995246                              N            01/01/33
    0

    8533681          286/286             F           93,750.00         ZZ
                                         360         93,370.68          1
                                       7.125            631.61         75
                                       6.875            631.61
    SPEEDWAY         IN   46224          5            10/30/02         00
    1718791                              05           12/01/02          0
    1718791                              N            11/01/32
    0

    8533683          286/286             F           81,200.00         ZZ
                                         360         81,037.82          1
                                       6.000            486.84         70
                                       5.750            486.84
    ORLANDO          FL   32809          5            01/31/03         00
    1978456                              05           03/01/03          0
    1978456                              N            02/01/33
    0

    8533687          286/286             F          566,250.00         ZZ
                                         360        565,725.53          1
                                       6.375          3,532.67         75
                                       6.125          3,532.67
    CHESAPEAKE       VA   23322          5            02/04/03         00
    1925116                              05           04/01/03          0
    1925116                              O            03/01/33
    0

    8533689          286/286             F           92,000.00         ZZ
                                         360         91,359.53          1
                                       6.500            581.51         80
                                       6.250            581.51
    COLUMBIA         SC   29223          5            11/01/02         00
    1720821                              05           12/01/02          0
    1720821                              N            11/01/32
    0

    8533697          286/286             F          161,700.00         ZZ
                                         360        161,465.18          4
1

                                       7.625          1,144.51         70
                                       7.375          1,144.51
    PLAINFIELD       NJ   07060          1            01/17/03         00
    1876579                              05           03/01/03          0
    1876579                              N            02/01/33
    0

    8533699          286/286             F          123,100.00         ZZ
                                         360        122,772.37          1
                                       6.625            788.22         80
                                       6.375            788.22
    CASA GRANDE      AZ   85230          1            12/11/02         00
    1858222                              05           02/01/03          0
    1858222                              N            01/01/33
    0

    8533705          286/286             F          109,550.00         ZZ
                                         360        109,258.44          1
                                       6.625            701.46         80
                                       6.375            701.46
    CASA GRANDE      AZ   85222          1            12/11/02         00
    1858223                              05           02/01/03          0
    1858223                              N            01/01/33
    0

    8533707          286/286             F          192,300.00         ZZ
                                         360        192,006.44          3
                                       7.375          1,328.17         90
                                       7.125          1,328.17
    NEWARK           NJ   07108          2            01/14/03         12
    234684                               05           03/01/03         25
    234684                               N            02/01/33
    0

    8533715          286/286             F          116,000.00         ZZ
                                         360        115,741.84          1
                                       6.500            733.20         80
                                       6.250            733.20
    BALTIMORE        MD   21228          5            01/31/03         00
    1944689                              05           03/01/03          0
    1944689                              N            02/01/33
    0

    8533723          286/286             F          126,000.00         ZZ
                                         360        125,526.53          2
                                       7.500            881.02         90
                                       7.250            881.02
    LINDEN           NJ   07036          1            10/24/02         12
    1672921                              05           12/01/02         25
1

    1672921                              N            11/01/32
    0

    8533729          286/286             F          148,000.00         ZZ
                                         360        147,704.58          1
                                       6.000            887.34         80
                                       5.750            887.34
    COLUMBIA         MD   21044          1            01/13/03         00
    1903796                              05           03/01/03          0
    1903796                              N            02/01/33
    0

    8533731          286/286             F           81,750.00         ZZ
                                         360         81,612.25          3
                                       6.875            537.04         90
                                       6.625            537.04
    CLAREMONT        NH   03743          1            01/31/03         11
    1929541                              05           03/01/03         25
    1929541                              N            02/01/33
    0

    8533733          286/286             F           92,800.00         ZZ
                                         360         92,485.42          1
                                       6.875            609.64         80
                                       6.625            609.64
    TUCSON           AZ   85730          5            11/11/02         00
    1648067                              05           01/01/03          0
    1648067                              N            12/01/32
    0

    8533735          286/286             F          148,500.00         ZZ
                                         360        148,243.56          4
                                       6.750            963.17         90
                                       6.500            963.17
    ATLANTA          GA   30314          1            01/31/03         12
    1939068                              05           03/01/03         25
    1939068                              N            02/01/33
    0

    8533745          286/286             F          127,400.00         ZZ
                                         360        127,004.57          4
                                       7.375            879.93         70
                                       7.125            879.93
    WASHINGTON       DC   20017          5            11/15/02         00
    1606816                              05           01/01/03          0
    1606816                              N            12/01/32
    0

1

    8533751          286/286             F           91,000.00         ZZ
                                         360         90,691.54          2
                                       6.875            597.81         73
                                       6.625            597.81
    DAYTON           OH   45426          2            11/22/02         00
    1686170                              05           01/01/03          0
    1686170                              N            12/01/32
    0

    8533753          286/286             F          215,000.00         ZZ
                                         360        214,590.92          1
                                       6.250          1,323.80         80
                                       6.000          1,323.80
    CLARKSTON        MI   48346          5            01/27/03         00
    1920312                              01           03/01/03          0
    1920312                              O            02/01/33
    0

    8533757          286/286             F           99,000.00         ZZ
                                         360         98,664.44          2
                                       6.875            650.36         78
                                       6.625            650.36
    DAYTON           OH   45426          2            11/22/02         00
    1686177                              05           01/01/03          0
    1686177                              N            12/01/32
    0

    8533759          286/286             F           91,500.00         ZZ
                                         360         91,317.36          1
                                       6.000            548.59         74
                                       5.750            548.59
    BLUE SPRINGS     MO   64015          5            01/31/03         00
    1608128                              05           03/01/03          0
    1608128                              N            02/01/33
    0

    8533767          286/286             F          123,750.00         ZZ
                                         360        123,556.33          1
                                       7.250            844.20         75
                                       7.000            844.20
    COLUMBIA         MD   21044          1            01/29/03         00
    1977487                              05           03/01/03          0
    1977487                              N            02/01/33
    0

    8533769          286/286             F           94,000.00         ZZ
                                         360         93,849.21          2
                                       7.125            633.30         68
                                       6.875            633.30
1

    CHICAGO          IL   60628          2            01/16/03         00
    1690073                              05           03/01/03          0
    1690073                              N            02/01/33
    0

    8533771          286/286             F           63,100.00         ZZ
                                         360         62,988.34          1
                                       6.625            404.04         80
                                       6.375            404.04
    HUBER HEIGHTS    OH   45424          1            01/31/03         00
    1972603                              05           03/01/03          0
    1972603                              N            02/01/33
    0

    8533777          286/286             F          306,000.00         ZZ
                                         360        305,374.50          1
                                       5.875          1,810.11         90
                                       5.625          1,810.11
    WEST ORANGE      NJ   07052          5            01/27/03         12
    234709                               05           03/01/03         25
    234709                               O            02/01/33
    0

    8533779          286/286             F          111,200.00         ZZ
                                         360        110,998.40          1
                                       6.500            702.86         80
                                       6.250            702.86
    HAMPTON          VA   23666          1            01/30/03         00
    1975932                              05           03/01/03          0
    1975932                              N            02/01/33
    0

    8533781          286/286             F           99,200.00         ZZ
                                         360         99,028.70          1
                                       6.750            643.41         79
                                       6.500            643.41
    LAKE ORION       MI   48362          2            01/27/03         00
    1717608                              05           03/01/03          0
    1717608                              N            02/01/33
    0

    8533783          F89/G02             F          152,500.00         ZZ
                                         360        152,348.19          1
                                       6.000            914.31         67
                                       5.750            914.31
    HEMET            CA   92545          1            02/26/03         00
    0435554274                           05           04/01/03          0
    28015                                O            03/01/33
    0
1

    8533801          286/286             F           47,920.00         ZZ
                                         360         47,843.13          1
                                       7.125            322.85         80
                                       6.875            322.85
    ANDERSON         IN   46012          1            01/16/03         00
    1859635                              05           03/01/03          0
    1859635                              N            02/01/33
    0

    8533815          286/286             F          383,000.00         ZZ
                                         360        382,288.63          1
                                       6.375          2,389.43         74
                                       6.125          2,389.43
    SCOTTSDALE       AZ   85255          5            01/09/03         00
    1918649                              05           03/01/03          0
    1918649                              O            02/01/33
    0

    8533823          286/286             F          125,000.00         ZZ
                                         360        124,789.37          1
                                       6.875            821.16         70
                                       6.625            821.16
    PHILADELPHIA     PA   19147          5            01/13/03         00
    1887842                              05           03/01/03          0
    1887842                              N            02/01/33
    0

    8533831          286/286             F          120,000.00         ZZ
                                         360        119,612.69          1
                                       7.125            808.47         40
                                       6.875            808.47
    WASHINGTON       DC   20037          5            11/12/02         00
    1450271                              01           01/01/03          0
    1450271                              N            12/01/32
    0

    8533837          286/286             F          225,000.00         ZZ
                                         360        224,550.90          1
                                       6.000          1,348.99         75
                                       5.750          1,348.99
    ROSEMEAD         CA   91770          5            01/17/03         00
    1935853                              05           03/01/03          0
    1935853                              O            02/01/33
    0

    8533841          286/286             F          280,000.00         ZZ
                                         360        279,492.37          4
1

                                       6.500          1,769.80         80
                                       6.250          1,769.80
    LONG BEACH       CA   90806          1            01/07/03         00
    1753310                              05           03/01/03          0
    1753310                              O            02/01/33
    0

    8533843          286/286             F          118,000.00         ZZ
                                         360        117,525.62          1
                                       6.000            707.47         46
                                       5.750            707.47
    WESTMINSTER      CA   92683          5            11/25/02         00
    1658655                              01           01/01/03          0
    1658655                              N            12/01/32
    0

    8533851          286/286             F           81,000.00         ZZ
                                         360         80,873.23          2
                                       7.250            552.57         90
                                       7.000            552.57
    ST LOUIS         MO   63118          2            01/24/03         11
    1865651                              05           03/01/03         25
    1865651                              N            02/01/33
    0

    8533853          286/286             F           90,135.00         ZZ
                                         360         89,751.98          1
                                       6.875            592.13         90
                                       6.625            592.13
    EASLEY           SC   29640          1            11/04/02         12
    1733988                              05           12/01/02         25
    1733988                              N            11/01/32
    0

    8533855          286/286             F          111,150.00         ZZ
                                         360        110,763.95          1
                                       6.750            720.92         70
                                       6.500            720.92
    WILMINGTON       IL   60481          2            11/19/02         00
    1627611                              05           01/01/03          0
    1627611                              N            12/01/32
    0

    8533859          286/286             F          124,000.00         ZZ
                                         360        123,879.48          2
                                       6.125            753.44         80
                                       5.875            753.44
    WILMINGTON       NC   28403          2            02/07/03         00
    1912737                              05           04/01/03          0
1

    1912737                              N            03/01/33
    0

    8533861          286/286             F          147,600.00         ZZ
                                         360        147,325.85          1
                                       6.375            920.84         90
                                       6.125            920.84
    HUBBARD          OR   97032          1            01/10/03         11
    1901091                              05           03/01/03         25
    1901091                              N            02/01/33
    0

    8533869          286/286             F          104,000.00         ZZ
                                         360        103,716.39          1
                                       6.500            657.35         80
                                       6.250            657.35
    RUTLEDGE         GA   30663          5            12/23/02         00
    1914820                              05           02/01/03          0
    1914820                              N            01/01/33
    0

    8533871          286/286             F          164,000.00         ZZ
                                         360        163,702.66          1
                                       6.500          1,036.60         80
                                       6.250          1,036.60
    HARBOR CITY      CA   90710          5            01/10/03         00
    1746502                              01           03/01/03          0
    1746502                              O            02/01/33
    0

    8533877          286/286             F          106,500.00         ZZ
                                         360        106,058.38          1
                                       7.000            708.55         90
                                       6.750            708.55
    HASTINGS         MN   55033          1            10/31/02         14
    1708135                              05           12/01/02         25
    1708135                              N            11/01/32
    0

    8533883          286/286             F          368,000.00         ZZ
                                         360        367,316.49          1
                                       6.375          2,295.85         75
                                       6.125          2,295.85
    CASTLE ROCK      CO   80104          2            01/10/03         00
    1894140                              05           03/01/03          0
    1894140                              O            02/01/33
    0

1

    8533889          286/286             F          200,000.00         ZZ
                                         360        199,646.10          1
                                       6.625          1,280.63         80
                                       6.375          1,280.63
    INDEPENDENCE     OH   44131          5            01/22/03         00
    1903884                              05           03/01/03          0
    1903884                              N            02/01/33
    0

    8533893          286/286             F          150,000.00         ZZ
                                         360        149,702.20          2
                                       6.750            972.90         63
                                       6.500            972.90
    WEST PATERSON    NJ   07424          5            02/03/03         00
    1567033                              05           04/01/03          0
    1567033                              N            03/01/33
    0

    8533899          286/286             F          120,000.00         ZZ
                                         360        119,891.52          1
                                       6.500            758.48         70
                                       6.250            758.48
    TUCKER           GA   30084          5            02/10/03         00
    1934707                              05           04/01/03          0
    1934707                              N            03/01/33
    0

    8533905          286/286             F          124,000.00         ZZ
                                         360        123,879.48          3
                                       6.125            753.44         69
                                       5.875            753.44
    CHICOPEE         MA   01020          2            02/07/03         00
    1951988                              05           04/01/03          0
    1951988                              N            03/01/33
    0

    8533911          286/286             F          100,000.00         ZZ
                                         360         90,546.11          1
                                       6.875            656.93         75
                                       6.625            656.93
    ORLANDO          FL   32806          1            11/18/02         00
    1782336                              05           01/01/03          0
    1782336                              N            12/01/32
    0

    8533913          286/286             F           96,900.00         ZZ
                                         360         96,546.74          1
                                       6.500            612.47         80
                                       6.250            612.47
1

    HAMILTON         OH   45011          1            11/05/02         00
    1689256                              05           01/01/03          0
    1689256                              N            12/01/32
    0

    8533917          286/286             F          438,000.00         ZZ
                                         360        437,205.94          4
                                       6.500          2,768.46         65
                                       6.250          2,768.46
    SAN CLEMENTE     CA   92673          5            01/06/03         00
    1813940                              05           03/01/03          0
    1813940                              O            02/01/33
    0

    8533921          286/286             F          117,000.00         ZZ
                                         360        116,541.66          1
                                       6.125            710.90         90
                                       5.875            710.90
    CARROLLTON       TX   75007          1            11/06/02         12
    1747014                              05           01/01/03         25
    1747014                              N            12/01/32
    0

    8533923          286/286             F          172,000.00         ZZ
                                         360        171,672.73          1
                                       6.250          1,059.04         80
                                       6.000          1,059.04
    COLORADO SPRING  CO   80906          5            01/09/03         00
    1867704                              05           03/01/03          0
    1867704                              O            02/01/33
    0

    8533925          286/286             F          204,000.00         ZZ
                                         360        203,647.71          1
                                       6.750          1,323.15         85
                                       6.500          1,323.15
    MURRIETA         CA   92562          5            01/17/03         12
    1922964                              05           03/01/03         12
    1922964                              O            02/01/33
    0

    8533931          286/286             F          130,000.00         ZZ
                                         360        129,746.64          1
                                       6.125            789.90         80
                                       5.875            789.90
    VIRGINIA BEACH   VA   23456          1            01/31/03         00
    1921021                              05           03/01/03          0
    1921021                              N            02/01/33
    0
1

    8533937          286/286             F           26,900.00         ZZ
                                         360         26,821.36          1
                                       7.625            190.40         93
                                       7.375            190.40
    KANKAKEE         IL   60901          1            11/15/02         10
    1722771                              05           01/01/03         30
    1722771                              N            12/01/32
    0

    8533941          286/286             F           76,500.00         ZZ
                                         360         76,095.04          1
                                       7.500            534.90         90
                                       7.250            534.90
    PHOENIX          AZ   85029          1            08/30/02         12
    1396201                              05           10/01/02         25
    1396201                              N            09/01/32
    0

    8533947          286/286             F          380,800.00         ZZ
                                         360        380,109.63          1
                                       6.500          2,406.92         72
                                       6.250          2,406.92
    SAN LEANDRO      CA   94577          2            01/21/03         00
    1907783                              05           03/01/03          0
    1907783                              O            02/01/33
    0

    8533955          286/286             F          116,400.00         ZZ
                                         360        115,975.63          1
                                       6.500            735.73         71
                                       6.250            735.73
    WESTMINSTER      CO   80031          2            11/07/02         00
    1703666                              05           01/01/03          0
    1703666                              N            12/01/32
    0

    8533957          286/286             F          132,800.00         ZZ
                                         360        132,570.68          1
                                       6.750            861.34         80
                                       6.500            861.34
    HAVERTOWN        PA   19083          1            01/24/03         00
    1898593                              05           03/01/03          0
    1898593                              O            02/01/33
    0

    8533961          286/286             F           80,000.00         ZZ
                                         360         79,861.85          1
1

                                       6.750            518.88         80
                                       6.500            518.88
    ARCADIA          IN   46030          2            01/21/03         00
    1923551                              05           03/01/03          0
    1923551                              N            02/01/33
    0

    8533969          286/286             F          280,000.00         ZZ
                                         360        279,734.32          2
                                       6.250          1,724.01         70
                                       6.000          1,724.01
    NORRIDGE         IL   60634          5            02/12/03         00
    1983542                              05           04/01/03          0
    1983542                              N            03/01/33
    0

    8533981          286/286             F          109,800.00         ZZ
                                         360        109,614.97          1
                                       6.875            721.31         90
                                       6.625            721.31
    FAIRVIEW HEIGHT  IL   62208          5            01/21/03         11
    1921399                              05           03/01/03         25
    1921399                              O            02/01/33
    0

    8533983          286/286             F           57,600.00         ZZ
                                         360         57,500.52          1
                                       6.750            373.60         80
                                       6.500            373.60
    EDWARDSBURG      MI   49112          5            01/17/03         00
    1904302                              05           03/01/03          0
    1904302                              N            02/01/33
    0

    8533989          286/286             F          100,000.00         ZZ
                                         360         99,814.27          1
                                       6.375            623.87         58
                                       6.125            623.87
    BRYAN PARK       DE   19973          1            01/28/03         00
    1946003                              05           03/01/03          0
    1946003                              N            02/01/33
    0

    8533993          286/286             F           98,000.00         ZZ
                                         360         97,698.92          1
                                       7.375            676.87         73
                                       7.125            676.87
    TALLMADGE        OH   44278          2            11/13/02         00
    1553976                              05           01/01/03          0
1

    1553976                              N            12/01/32
    0

    8533997          286/286             F           92,000.00         ZZ
                                         360         91,840.82          1
                                       7.000            612.08         80
                                       6.750            612.08
    APOPKA           FL   32703          1            01/31/03         00
    1989777                              05           03/01/03          0
    1989777                              N            02/01/33
    0

    8533999          286/286             F           62,000.00         ZZ
                                         360         61,857.59          1
                                       7.375            428.22         69
                                       7.125            428.22
    ELLETSVILLE      IN   47554          5            12/17/02         00
    1855208                              05           02/01/03          0
    1855208                              N            01/01/33
    0

    8534005          286/286             F          260,800.00         ZZ
                                         360        260,371.20          3
                                       7.000          1,735.11         80
                                       6.750          1,735.11
    LOS ANGELES      CA   90066          2            01/08/03         00
    1607053                              05           03/01/03          0
    1607053                              O            02/01/33
    0

    8534007          286/286             F           85,900.00         ZZ
                                         360         85,748.00          1
                                       6.625            550.03         80
                                       6.375            550.03
    FERNLEY          NV   89408          1            01/07/03         00
    1875743                              05           03/01/03          0
    1875743                              N            02/01/33
    0

    8534009          286/286             F           25,200.00         ZZ
                                         360         25,102.89          2
                                       7.375            174.06         90
                                       7.125            174.06
    INDIANAPOLIS     IN   46219          1            10/30/02         12
    1637372                              05           12/01/02         25
    1637372                              N            11/01/32
    0

1

    8534011          286/286             F           91,700.00         ZZ
                                         360         91,537.73          1
                                       6.625            587.17         80
                                       6.375            587.17
    FERNLEY          NV   89408          1            01/07/03         00
    1875746                              05           03/01/03          0
    1875746                              N            02/01/33
    0

    8534027          286/286             F          115,000.00         ZZ
                                         360        114,791.51          1
                                       6.500            726.88         72
                                       6.250            726.88
    PORTLAND         OR   97220          5            01/13/03         00
    1894289                              05           03/01/03          0
    1894289                              N            02/01/33
    0

    8534029          286/286             F          121,500.00         ZZ
                                         360        121,279.72          1
                                       6.500            767.97         90
                                       6.250            767.97
    GILBERT          AZ   85236          1            01/10/03         12
    1925777                              05           03/01/03         25
    1925777                              N            02/01/33
    0

    8534031          286/286             F          104,800.00         ZZ
                                         360        104,590.82          1
                                       6.000            628.33         80
                                       5.750            628.33
    HEMET            CA   92545          5            01/10/03         00
    1580418                              05           03/01/03          0
    1580418                              O            02/01/33
    0

    8534035          286/286             F          500,000.00         ZZ
                                         360        499,115.28          1
                                       6.625          3,201.56         80
                                       6.375          3,201.56
    SAN DIEGO        CA   92124          5            01/10/03         00
    1880990                              05           03/01/03          0
    1880990                              O            02/01/33
    0

    8534041          286/286             F          450,000.00         ZZ
                                         360        449,184.18          1
                                       6.500          2,844.31         75
                                       6.250          2,844.31
1

    SIMI VALLEY      CA   93065          2            01/21/03         00
    1927437                              05           03/01/03          0
    1927437                              O            02/01/33
    0

    8534043          286/286             F          119,000.00         ZZ
                                         360        118,773.57          3
                                       6.250            732.71         70
                                       6.000            732.71
    CAMAS            WA   98607          5            01/24/03         00
    1866971                              05           03/01/03          0
    1866971                              N            02/01/33
    0

    8534051          286/286             F           79,200.00         ZZ
                                         360         78,897.05          1
                                       6.250            487.65         90
                                       6.000            487.65
    ELKHART          IN   46516          1            11/18/02         10
    1787638                              05           01/01/03         30
    1787638                              N            12/01/32
    0

    8534099          286/286             F          170,000.00         ZZ
                                         360        169,699.19          1
                                       6.625          1,088.53         73
                                       6.375          1,088.53
    LOMPOC           CA   93436          5            01/23/03         00
    1843339                              05           03/01/03          0
    1843339                              N            02/01/33
    0

    8534103          286/286             F           72,150.00         ZZ
                                         360         72,015.98          1
                                       6.375            450.13         51
                                       6.125            450.13
    CARSON CITY      NV   89706          2            01/13/03         00
    1886320                              05           03/01/03          0
    1886320                              N            02/01/33
    0

    8534107          286/286             F          144,000.00         ZZ
                                         360        143,881.96          1
                                       7.000            958.04         80
                                       6.750            958.04
    INDIANAPOLIS     IN   46250          2            02/03/03         00
    1862906                              05           04/01/03          0
    1862906                              N            03/01/33
    0
1

    8534109          286/286             F           72,200.00         ZZ
                                         360         72,084.17          1
                                       7.125            486.43         95
                                       6.875            486.43
    HOUSTON          TX   77057          1            01/31/03         10
    1383621                              01           03/01/03         35
    1383621                              O            02/01/33
    0

    8534121          286/286             F          140,000.00         T
                                         360        139,786.28          1
                                       7.375            966.95         80
                                       7.125            966.95
    GERMANTOWN       MD   20874          1            01/10/03         00
    1931835                              01           03/01/03          0
    1931835                              O            02/01/33
    0

    8534135          286/286             F          114,300.00         ZZ
                                         360        114,077.25          1
                                       6.125            694.50         80
                                       5.875            694.50
    NESKOWIN         OR   97149          1            01/14/03         00
    1940120                              05           03/01/03          0
    1940120                              O            02/01/33
    0

    8534139          286/286             F          382,500.00         ZZ
                                         360        381,754.55          3
                                       6.125          2,324.12         50
                                       5.875          2,324.12
    SAN FRANCISCO    CA   94115          5            01/13/03         00
    1896919                              05           03/01/03          0
    1896919                              O            02/01/33
    0

    8534145          286/286             F          649,900.00         ZZ
                                         360        646,626.24          1
                                       7.750          4,655.97         73
                                       7.500          4,655.97
    CARMICHAEL       CA   95608          5            08/21/02         00
    1373632                              05           10/01/02          0
    1373632                              O            09/01/32
    0

    8534147          286/286             F           89,000.00         ZZ
                                         360         88,917.56          1
1

                                       6.375            555.25         72
                                       6.125            555.25
    LAS VEGAS        NV   89142          2            02/06/03         00
    1984726                              05           04/01/03          0
    1984726                              N            03/01/33
    0

    8534151          286/286             F           84,000.00         ZZ
                                         360         83,667.08          1
                                       6.500            530.94         80
                                       6.250            530.94
    BALTIMORE        MD   21230          5            11/15/02         00
    1701862                              05           01/01/03          0
    1701862                              N            12/01/32
    0

    8534153          286/286             F          180,500.00         ZZ
                                         360        180,131.04          1
                                       5.875          1,067.73         54
                                       5.625          1,067.73
    METAIRIE         LA   70003          2            01/20/03         00
    1917584                              05           03/01/03          0
    1917584                              O            02/01/33
    0

    8534155          286/286             F           76,000.00         ZZ
                                         360         75,729.54          1
                                       6.625            486.64         80
                                       6.375            486.64
    ELGIN            TX   78621          1            11/08/02         00
    1669062                              05           01/01/03          0
    1669062                              N            12/01/32
    0

    8534163          286/286             F           90,000.00         ZZ
                                         360         89,825.13          1
                                       7.125            606.35         80
                                       6.875            606.35
    ST LOUIS         MO   63139          5            01/28/03         00
    1949960                              05           03/01/03          0
    1949960                              N            02/01/33
    0

    8534179          286/286             F           99,000.00         ZZ
                                         360         98,837.23          1
                                       7.000            658.65         90
                                       6.750            658.65
    SACRAMENTO       CA   95824          1            01/29/03         14
    1974721                              05           03/01/03         25
1

    1974721                              N            02/01/33
    0

    8534185          286/286             F          133,600.00         ZZ
                                         360        133,369.29          3
                                       6.750            866.53         80
                                       6.500            866.53
    PHILADELPHIA     PA   19146          1            01/30/03         00
    1937394                              05           03/01/03          0
    1937394                              N            02/01/33
    0

    8534187          286/286             F          100,000.00         ZZ
                                         360         99,818.71          1
                                       6.500            632.07         77
                                       6.250            632.07
    ABERDEEN         WA   98520          5            01/09/03         00
    1911721                              05           03/01/03          0
    1911721                              O            02/01/33
    0

    8534189          286/286             F          145,600.00         ZZ
                                         360        144,964.99          1
                                       6.750            944.36         80
                                       6.500            944.36
    WASHINGTON       DC   20017          1            11/01/02         00
    1689740                              05           12/01/02          0
    1689740                              N            11/01/32
    0

    8534193          286/286             F          320,000.00         ZZ
                                         360        319,446.95          1
                                       6.750          2,075.52         80
                                       6.500          2,075.52
    WASHINGTON       DC   20007          1            02/04/03         00
    1949549                              05           03/01/03          0
    1949549                              N            02/01/33
    0

    8534195          286/286             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         68
                                       6.625          2,627.72
    ONTARIO          OR   97914          2            01/02/03         00
    1247068                              05           03/01/03          0
    1247068                              O            02/01/33
    0

1

    8534197          286/286             F           98,100.00         ZZ
                                         360         97,283.17          1
                                       7.250            669.22         90
                                       7.000            669.22
    ASBURY PARK      NJ   07712          1            10/29/02         12
    1696153                              05           12/01/02         25
    1696153                              N            11/01/32
    0

    8534199          286/286             F          245,000.00         ZZ
                                         360        244,522.53          1
                                       6.125          1,488.65         63
                                       5.875          1,488.65
    OREGON CITY      OR   97045          2            01/27/03         00
    1903303                              05           03/01/03          0
    1903303                              O            02/01/33
    0

    8534205          286/286             F          103,950.00         ZZ
                                         360        103,774.84          1
                                       6.875            682.88         90
                                       6.625            682.88
    BLUE SPRINGS     MO   64014          1            01/27/03         04
    1995094                              05           03/01/03         25
    1995094                              N            02/01/33
    0

    8534213          286/286             F          104,000.00         ZZ
                                         360        103,792.40          4
                                       6.000            623.54         80
                                       5.750            623.54
    FRESNO           CA   93650          1            01/09/03         00
    1892604                              05           03/01/03          0
    1892604                              N            02/01/33
    0

    8534215          286/286             F           51,200.00         ZZ
                                         360         51,042.71          1
                                       7.375            353.63         80
                                       7.125            353.63
    SOUTH BEND       IN   46616          1            11/15/02         00
    1760795                              05           01/01/03          0
    1760795                              N            12/01/32
    0

    8534217          286/286             F           76,800.00         ZZ
                                         360         76,590.58          1
                                       6.500            485.43         80
                                       6.250            485.43
1

    VIRGINIA BEACH   VA   23464          5            12/04/02         00
    1697855                              05           02/01/03          0
    1697855                              N            01/01/33
    0

    8534221          286/286             F          119,970.00         ZZ
                                         360        119,861.55          1
                                       6.500            758.29         90
                                       6.250            758.29
    TUCSON           AZ   85710          1            02/11/03         11
    1977489                              05           04/01/03         30
    1977489                              N            03/01/33
    0

    8534229          286/286             F           82,000.00         ZZ
                                         360         81,847.69          1
                                       6.375            511.58         69
                                       6.125            511.58
    MERCED           CA   95340          5            01/24/03         00
    1938758                              05           03/01/03          0
    1938758                              N            02/01/33
    0

    8534231          286/286             F          123,500.00         ZZ
                                         360        123,049.75          1
                                       6.500            780.61         75
                                       6.250            780.61
    WOODBRIDGE       NJ   07110          5            11/19/02         00
    1620992                              01           01/01/03          0
    1620992                              N            12/01/32
    0

    8534235          286/286             F          310,000.00         ZZ
                                         360        308,869.85          1
                                       6.500          1,959.42         73
                                       6.250          1,959.42
    DOVER TOWNSHIP   NJ   08753          5            11/19/02         00
    1621007                              05           01/01/03          0
    1621007                              N            12/01/32
    0

    8534237          286/286             F          587,282.00         ZZ
                                         360        586,217.29          1
                                       6.500          3,712.03         79
                                       6.250          3,712.03
    PORT ORCHARD     WA   98366          2            01/17/03         00
    1841190                              05           03/01/03          0
    1841190                              O            02/01/33
    0
1

    8534239          286/286             F           91,500.00         ZZ
                                         360         91,115.19          3
                                       7.375            631.97         76
                                       7.125            631.97
    FT MYERS         FL   33916          2            10/31/02         00
    1590684                              05           12/01/02          0
    1590684                              N            11/01/32
    0

    8534243          286/286             F           91,500.00         ZZ
                                         360         91,115.19          3
                                       7.375            631.97         74
                                       7.125            631.97
    FT MYERS         FL   33916          2            10/31/02         00
    1643675                              05           12/01/02          0
    1643675                              N            11/01/32
    0

    8534249          286/286             F           81,850.00         ZZ
                                         360         81,694.26          1
                                       6.250            503.97         50
                                       6.000            503.97
    ATWATER          CA   95301          2            01/16/03         00
    1850782                              05           03/01/03          0
    1850782                              N            02/01/33
    0

    8534253          286/286             F           84,000.00         ZZ
                                         360         83,851.35          1
                                       6.625            537.87         80
                                       6.375            537.87
    SAVANNAH         GA   31406          2            01/10/03         00
    1849531                              05           03/01/03          0
    1849531                              N            02/01/33
    0

    8534257          286/286             F          170,650.00         ZZ
                                         360        170,325.30          1
                                       6.250          1,050.73         67
                                       6.000          1,050.73
    MERCED           CA   95348          2            01/21/03         00
    1905639                              05           03/01/03          0
    1905639                              N            02/01/33
    0

    8534261          286/286             F          112,500.00         ZZ
                                         360        111,908.69          1
1

                                       6.750            729.68         75
                                       6.500            729.68
    LOCKPORT         IL   60441          5            11/06/02         00
    1654543                              05           01/01/03          0
    1654543                              N            12/01/32
    0

    8534263          286/286             F           88,000.00         ZZ
                                         360         87,760.05          2
                                       6.500            556.22         80
                                       6.250            556.22
    ZACHARY          LA   70791          5            12/04/02         00
    1994705                              05           02/01/03          0
    1994705                              N            01/01/33
    0

    8534267          286/286             F           92,000.00         ZZ
                                         360         91,749.14          1
                                       6.500            581.50         80
                                       6.250            581.50
    ZACHARY          LA   70791          2            12/04/02         00
    2000715                              05           02/01/03          0
    2000715                              N            01/01/33
    0

    8534279          286/286             F          118,200.00         ZZ
                                         360        117,799.37          2
                                       6.875            776.49         74
                                       6.625            776.49
    MILWAUKEE        WI   53220          2            11/13/02         00
    1656097                              05           01/01/03          0
    1656097                              N            12/01/32
    0

    8534283          286/286             F          312,000.00         ZZ
                                         360        311,499.50          3
                                       7.125          2,102.01         80
                                       6.875          2,102.01
    RICHMOND         CA   94804          1            01/15/03         00
    1918310                              05           03/01/03          0
    1918310                              O            02/01/33
    0

    8534289          286/286             F           76,500.00         ZZ
                                         360         76,386.10          2
                                       7.500            534.90         90
                                       7.250            534.90
    SPOKANE          WA   99202          1            01/06/03         10
    1677610                              05           03/01/03         25
1

    1677610                              N            02/01/33
    0

    8534293          286/286             F           86,900.00         ZZ
                                         360         86,670.58          1
                                       6.000            521.01         51
                                       5.750            521.01
    NAGS HEAD        NC   27959          2            01/30/03         00
    1924521                              05           03/01/03          0
    1924521                              N            02/01/33
    0

    8534297          286/286             F          148,000.00         ZZ
                                         360        147,779.63          4
                                       7.500          1,034.84         90
                                       7.250          1,034.84
    SPOKANE          WA   99201          1            01/06/03         12
    1754729                              05           03/01/03         25
    1754729                              N            02/01/33
    0

    8534299          286/286             F          100,000.00         ZZ
                                         360         99,909.60          1
                                       6.500            632.07         73
                                       6.250            632.07
    LEES SUMMIT      MO   64081          5            02/06/03         00
    1937014                              05           04/01/03          0
    1937014                              N            03/01/33
    0

    8534301          286/286             F           76,200.00         ZZ
                                         360         76,061.85          2
                                       6.500            481.64         20
                                       6.250            481.64
    ZEPHYR COVE      NV   89448          2            01/22/03         00
    1532456                              05           03/01/03          0
    1532456                              N            02/01/33
    0

    8534313          286/286             F          120,600.00         ZZ
                                         360        120,420.42          4
                                       7.500            843.26         90
                                       7.250            843.26
    SPOKANE          WA   99207          1            01/15/03         10
    1767559                              05           03/01/03         30
    1767559                              N            02/01/33
    0

1

    8534317          286/286             F           81,000.00         ZZ
                                         360         80,768.23          1
                                       6.250            498.73         73
                                       6.000            498.73
    RIO RANCHO       NM   87124          2            12/20/02         00
    2005828                              05           02/01/03          0
    2005828                              N            01/01/33
    0

    8534319          286/286             F           66,960.00         ZZ
                                         360         66,860.29          2
                                       7.500            468.20         90
                                       7.250            468.20
    SPOKANE          WA   99202          1            01/06/03         11
    1767692                              05           03/01/03         25
    1767692                              N            02/01/33
    0

    8534323          286/286             F           76,800.00         ZZ
                                         360         76,682.76          1
                                       7.375            530.44         80
                                       7.125            530.44
    ANDERSON         IN   46017          5            01/17/03         00
    1860250                              05           03/01/03          0
    1860250                              N            02/01/33
    0

    8534331          286/286             F           63,000.00         ZZ
                                         360         62,891.21          1
                                       6.750            408.62         55
                                       6.500            408.62
    PEORIA           AZ   85382          2            01/15/03         00
    1928548                              05           03/01/03          0
    1928548                              N            02/01/33
    0

    8534333          286/286             F          250,000.00         ZZ
                                         360        249,768.45          4
                                       6.375          1,559.68         66
                                       6.125          1,559.68
    HAVERHILL        MA   01830          5            02/11/03         00
    1920086                              05           04/01/03          0
    1920086                              N            03/01/33
    0

    8534339          286/286             F          156,000.00         ZZ
                                         360        155,703.19          1
                                       6.250            960.52         64
                                       6.000            960.52
1

    ROSEVILLE        CA   95678          5            01/14/03         00
    1939838                              05           03/01/03          0
    1939838                              O            02/01/33
    0

    8534343          286/286             F          347,500.00         ZZ
                                         360        346,822.77          1
                                       6.125          2,111.45         64
                                       5.875          2,111.45
    HUNTINGTON BEAC  CA   92646          2            01/03/03         00
    1889114                              05           03/01/03          0
    1889114                              O            02/01/33
    0

    8534345          286/286             F          499,000.00         ZZ
                                         360        498,095.35          1
                                       6.500          3,154.02         61
                                       6.250          3,154.02
    ALBUQUERQUE      NM   87122          5            01/30/03         00
    1973486                              05           03/01/03          0
    1973486                              O            02/01/33
    0

    8534353          286/286             F          155,000.00         ZZ
                                         360        154,757.43          1
                                       7.250          1,057.38         69
                                       7.000          1,057.38
    NEW LENOX        IL   60451          5            01/24/03         00
    1951786                              05           03/01/03          0
    1951786                              O            02/01/33
    0

    8534357          286/286             F           52,000.00         ZZ
                                         360         51,920.60          1
                                       7.375            359.16         80
                                       7.125            359.16
    INDIANAPOLIS     IN   46218          1            01/23/03         00
    1937109                              05           03/01/03          0
    1937109                              N            02/01/33
    0

    8534359          286/286             F          179,100.00         ZZ
                                         360        178,805.52          1
                                       7.000          1,191.56         90
                                       6.750          1,191.56
    SANTA CLARITA    CA   91355          1            01/23/03         12
    1944669                              01           03/01/03         25
    1944669                              N            02/01/33
    0
1

    8534363          286/286             F          126,000.00         ZZ
                                         360        125,582.03          1
                                       6.500            796.41         90
                                       6.250            796.41
    RICHMOND         VA   23220          1            01/29/03         11
    1930008                              05           03/01/03         30
    1930008                              N            02/01/33
    0

    8534367          286/286             F          129,500.00         ZZ
                                         360        129,371.08          1
                                       6.000            776.42         70
                                       5.750            776.42
    COLUMBIA         MD   21046          2            02/12/03         00
    1935872                              05           04/01/03          0
    1935872                              N            03/01/33
    0

    8534395          286/286             F           52,125.00         ZZ
                                         360         52,045.42          1
                                       7.375            360.02         75
                                       7.125            360.02
    MARYSVALE        UT   84750          5            01/16/03         00
    1816074                              05           03/01/03          0
    1816074                              N            02/01/33
    0

    8534399          286/286             F          571,500.00         ZZ
                                         360        570,463.92          1
                                       6.500          3,612.27         79
                                       6.250          3,612.27
    FOLSOM           CA   95630          2            01/29/03         00
    1728426                              05           03/01/03          0
    1728426                              O            02/01/33
    0

    8534405          286/286             F           45,600.00         ZZ
                                         360         45,530.39          1
                                       7.375            314.95         75
                                       7.125            314.95
    LIVINGSTON       MT   59047          5            01/10/03         00
    1799446                              05           03/01/03          0
    1799446                              N            02/01/33
    0

    8534407          286/286             F           95,000.00         ZZ
                                         360         94,814.84          1
1

                                       6.125            577.24         53
                                       5.875            577.24
    FREDERICK        MD   21701          5            01/31/03         00
    1952682                              05           03/01/03          0
    1952682                              N            02/01/33
    0

    8534409          286/286             F           56,250.00         ZZ
                                         360         56,159.76          1
                                       7.125            378.97         75
                                       6.875            378.97
    LIVINGSTON       MT   59047          5            01/10/03         00
    1941220                              05           03/01/03          0
    1941220                              N            02/01/33
    0

    8534415          286/286             F           82,000.00         ZZ
                                         360         81,858.38          2
                                       6.750            531.86         80
                                       6.500            531.86
    POTTSTOWN        PA   19464          1            01/15/03         00
    1906484                              05           03/01/03          0
    1906484                              N            02/01/33
    0

    8534421          286/286             F          383,000.00         ZZ
                                         360        382,288.63          1
                                       6.375          2,389.43         54
                                       6.125          2,389.43
    SAN JOSE         CA   95124          2            01/22/03         00
    1916439                              05           03/01/03          0
    1916439                              O            02/01/33
    0

    8534425          286/286             F          399,900.00         ZZ
                                         360        399,120.65          1
                                       6.125          2,429.84         58
                                       5.875          2,429.84
    SAN DIEGO        CA   92104          1            01/09/03         00
    1868623                              05           03/01/03          0
    1868623                              O            02/01/33
    0

    8534431          286/286             F           90,000.00         ZZ
                                         360         89,844.58          3
                                       6.750            583.74         48
                                       6.500            583.74
    PITTSBURGH       PA   15217          5            01/24/03         00
    1890544                              05           03/01/03          0
1

    1890544                              N            02/01/33
    0

    8534455          286/286             F          255,000.00         ZZ
                                         360        254,537.69          1
                                       6.500          1,611.78         75
                                       6.250          1,611.78
    HOUSTON          TX   77009          5            01/16/03         00
    1900565                              05           03/01/03          0
    1900565                              N            02/01/33
    0

    8534467          286/286             F          435,000.00         ZZ
                                         360        434,172.34          1
                                       6.250          2,678.38         56
                                       6.000          2,678.38
    SUNNYVALE        CA   94087          2            01/23/03         00
    1970570                              05           03/01/03          0
    1970570                              O            02/01/33
    0

    8534471          286/286             F          443,000.00         ZZ
                                         360        441,732.40          1
                                       6.250          2,727.63         60
                                       6.000          2,727.63
    SAN DIEGO        CA   92109          2            12/20/02         00
    1707012                              05           02/01/03          0
    1707012                              O            01/01/33
    0

    8534481          286/286             F           91,500.00         ZZ
                                         360         91,222.22          1
                                       6.625            585.89         80
                                       6.375            585.89
    MIAMI LAKES      FL   33014          5            12/18/02         00
    1794815                              03           02/01/03          0
    1794815                              N            01/01/33
    0

    8534487          286/286             F          104,500.00         ZZ
                                         360        104,296.34          1
                                       6.125            634.96         44
                                       5.875            634.96
    ARLINGTON        VA   22206          2            01/31/03         00
    1930267                              01           03/01/03          0
    1930267                              N            02/01/33
    0

1

    8534493          286/286             F          164,550.00         ZZ
                                         360        164,221.56          1
                                       6.000            986.56         80
                                       5.750            986.56
    PRINCE FREDERIC  MD   20678          1            01/10/03         00
    0001243951                           03           03/01/03          0
    0001243951                           O            02/01/33
    0

    8534495          286/286             F          115,000.00         ZZ
                                         360        114,529.91          1
                                       6.500            726.88         65
                                       6.250            726.88
    ANNAPOLIS        MD   21401          2            01/10/03         00
    1793728                              05           03/01/03          0
    1793728                              N            02/01/33
    0

    8534499          286/286             F          119,700.00         ZZ
                                         360        119,323.07          1
                                       7.250            816.57         90
                                       7.000            816.57
    FAIRPORT HARBOR  OH   44077          5            11/13/02         12
    1782992                              05           01/01/03         25
    1782992                              N            12/01/32
    0

    8534501          286/286             F          150,000.00         ZZ
                                         360        149,721.41          1
                                       6.375            935.80         60
                                       6.125            935.80
    VIRGINIA BEACH   VA   23451          1            01/30/03         00
    0001243659                           01           03/01/03          0
    0001243659                           N            02/01/33
    0

    8534511          286/286             F          405,000.00         ZZ
                                         360        404,191.62          1
                                       6.000          2,428.18         51
                                       5.750          2,428.18
    SAN DIEGO        CA   92107          2            01/10/03         00
    1888817                              05           03/01/03          0
    1888817                              O            02/01/33
    0

    8534513          286/286             F          107,200.00         ZZ
                                         360        107,010.30          2
                                       6.625            686.42         80
                                       6.375            686.42
1

    URBANA           IL   61801          2            01/10/03         00
    1876575                              05           03/01/03          0
    1876575                              N            02/01/33
    0

    8534519          286/286             F           92,800.00         ZZ
                                         360         92,643.61          3
                                       6.875            609.64         80
                                       6.625            609.64
    URBANA           IL   61801          2            01/30/03         00
    1876612                              05           03/01/03          0
    1876612                              N            02/01/33
    0

    8534527          286/286             F           94,400.00         ZZ
                                         360         94,240.91          2
                                       6.875            620.15         80
                                       6.625            620.15
    URBANA           IL   61801          2            01/30/03         00
    1876622                              05           03/01/03          0
    1876622                              N            02/01/33
    0

    8534541          286/286             F          138,500.00         ZZ
                                         360        138,236.48          4
                                       6.250            852.77         56
                                       6.000            852.77
    CORAL SPRINGS    FL   33063          2            01/16/03         00
    1860788                              05           03/01/03          0
    1860788                              N            02/01/33
    0

    8534547          286/286             F          109,000.00         ZZ
                                         360        108,797.55          1
                                       6.375            680.02         88
                                       6.125            680.02
    MARION           IN   46953          2            01/10/03         11
    1893642                              05           03/01/03         25
    1893642                              O            02/01/33
    0

    8534553          286/286             F          500,000.00         ZZ
                                         360        499,001.99          2
                                       6.000          2,997.76         79
                                       5.750          2,997.76
    LOS ANGELES      CA   90036          1            01/28/03         00
    1979313                              05           03/01/03          0
    1979313                              O            02/01/33
    0
1

    8534555          286/286             F          105,000.00         ZZ
                                         360        104,713.70          1
                                       6.500            663.67         73
                                       6.250            663.67
    MANASSAS         VA   20109          2            12/23/02         00
    1806294                              05           02/01/03          0
    1806294                              N            01/01/33
    0

    8534573          286/286             F          116,688.00         ZZ
                                         360        116,377.44          1
                                       6.625            747.17         80
                                       6.375            747.17
    BUFORD           GA   30019          1            12/31/02         00
    1899617                              05           02/01/03          0
    1899617                              N            01/01/33
    0

    8534577          286/286             F           84,000.00         ZZ
                                         360         83,836.30          1
                                       6.125            510.39         80
                                       5.875            510.39
    KENNESAW         GA   30152          1            02/03/03         00
    1927285                              05           03/01/03          0
    1927285                              N            02/01/33
    0

    8534579          286/286             F          455,000.00         ZZ
                                         360        453,789.01          3
                                       6.625          2,913.42         62
                                       6.375          2,913.42
    OAKLAND          CA   94610          2            12/10/02         00
    1797655                              05           02/01/03          0
    1797655                              N            01/01/33
    0

    8534581          286/286             F          307,200.00         ZZ
                                         360        306,629.43          1
                                       6.375          1,916.53         80
                                       6.125          1,916.53
    GRESHAM          OR   97080          1            01/02/03         00
    1906386                              05           03/01/03          0
    1906386                              O            02/01/33
    0

    8534583          286/286             F          213,000.00         ZZ
                                         360        212,613.84          1
1

                                       6.500          1,346.31         79
                                       6.250          1,346.31
    RANCHO CUCAMONG  CA   91701          2            01/08/03         00
    1914510                              05           03/01/03          0
    1914510                              O            02/01/33
    0

    8534585          286/286             F          116,500.00         ZZ
                                         360        116,272.96          1
                                       6.125            707.87         70
                                       5.875            707.87
    ARVADA           CO   80003          2            02/05/03         00
    1970301                              03           03/01/03          0
    1970301                              N            02/01/33
    0

    8534587          286/286             F           92,300.00         ZZ
                                         360         92,120.13          1
                                       6.125            560.82         61
                                       5.875            560.82
    ARAVADA          CO   80003          2            02/05/03         00
    1970313                              03           03/01/03          0
    1970313                              N            02/01/33
    0

    8534591          286/286             F           52,000.00         ZZ
                                         360         51,920.60          1
                                       7.375            359.16         80
                                       7.125            359.16
    INDIANAPOLIS     IN   46218          2            01/21/03         00
    1908051                              05           03/01/03          0
    1908051                              N            02/01/33
    0

    8534593          286/286             F           78,000.00         ZZ
                                         360         77,922.35          2
                                       6.000            467.65         65
                                       5.750            467.65
    NORFOLK          VA   23518          2            02/13/03         00
    1980096                              05           04/01/03          0
    1980096                              N            03/01/33
    0

    8534603          286/286             F          113,500.00         ZZ
                                         360        113,105.81          4
                                       6.750            736.16         18
                                       6.500            736.16
    WASHINGTON       DC   20036          2            11/21/02         00
    1708219                              05           01/01/03          0
1

    1708219                              N            12/01/32
    0

    8534607          286/286             F           94,050.00         ZZ
                                         360         93,861.64          1
                                       6.500            594.47         90
                                       6.250            594.47
    BROWN SUMMIT     NC   27214          1            01/31/03         10
    1942429                              05           03/01/03         25
    1942429                              N            02/01/33
    0

    8534609          286/286             F          126,700.00         ZZ
                                         360        126,062.97          1
                                       6.000            759.64         40
                                       5.750            759.64
    ST SIMONS ISLAN  GA   31522          2            11/04/02         00
    1664430                              01           12/01/02          0
    1664430                              N            11/01/32
    0

    8534613          286/286             F           89,200.00         ZZ
                                         360         88,762.06          1
                                       6.125            541.99         57
                                       5.875            541.99
    MARIETTA         GA   30066          2            11/04/02         00
    1664510                              05           12/01/02          0
    1664510                              N            11/01/32
    0

    8534615          286/286             F           92,000.00         ZZ
                                         360         91,664.57          4
                                       6.500            581.51         48
                                       6.250            581.51
    MESA             AZ   85201          5            11/12/02         00
    1458450                              05           01/01/03          0
    1458450                              N            12/01/32
    0

    8534627          286/286             F           81,500.00         ZZ
                                         360         81,314.37          1
                                       6.250            501.81         58
                                       6.000            501.81
    MANASSAS         VA   20111          5            01/29/03         00
    1419567                              03           03/01/03          0
    1419567                              N            02/01/33
    0

1

    8534635          286/286             F           84,875.00         ZZ
                                         360         84,572.95          1
                                       6.625            543.47         74
                                       6.375            543.47
    CARPENTERSVILLE  IL   60110          2            11/05/02         00
    1627033                              05           01/01/03          0
    1627033                              N            12/01/32
    0

    8534649          286/286             F           89,000.00         ZZ
                                         360         88,857.23          1
                                       7.125            599.61         87
                                       6.875            599.61
    HIALEAH          FL   33010          1            01/03/03         12
    1915678                              01           03/01/03         25
    1915678                              N            02/01/33
    0

    8534651          286/286             F           96,000.00         ZZ
                                         360         95,641.48          1
                                       6.375            598.92         80
                                       6.125            598.92
    TUCSON           AZ   85742          5            11/19/02         00
    1681131                              05           01/01/03          0
    1681131                              N            12/01/32
    0

    8534653          286/286             F          130,000.00         ZZ
                                         360        129,882.48          2
                                       6.500            821.69         80
                                       6.250            821.69
    BARNEVELD        WI   53507          1            02/13/03         00
    2031479                              05           04/01/03          0
    2031479                              N            03/01/33
    0

    8534659          286/286             F           90,000.00         ZZ
                                         360         89,671.87          2
                                       6.500            568.87         72
                                       6.250            568.87
    AMELIA           OH   45102          2            11/07/02         00
    1671822                              05           01/01/03          0
    1671822                              N            12/01/32
    0

    8534665          286/286             F          125,000.00         ZZ
                                         360        124,794.48          1
                                       7.000            831.63         28
                                       6.750            831.63
1

    HAIKU            HI   96708          5            01/03/03         00
    1932412                              05           03/01/03          0
    1932412                              N            02/01/33
    0

    8534675          286/286             F           80,000.00         ZZ
                                         360         79,840.30          1
                                       6.000            479.65         78
                                       5.750            479.65
    MACON            GA   31201          2            01/29/03         00
    1918209                              05           03/01/03          0
    1918209                              N            02/01/33
    0

    8534677          286/286             F           80,000.00         ZZ
                                         360         79,840.30          1
                                       6.000            479.65         80
                                       5.750            479.65
    MACON            GA   31201          2            01/29/03         00
    1918226                              05           03/01/03          0
    1918226                              N            02/01/33
    0

    8534679          286/286             F           80,000.00         ZZ
                                         360         79,840.30          1
                                       6.000            479.65         80
                                       5.750            479.65
    MACON            GA   31201          2            01/29/03         00
    1918235                              05           03/01/03          0
    1918235                              N            02/01/33
    0

    8534681          286/286             F           93,000.00         ZZ
                                         360         92,827.26          3
                                       6.375            580.20         74
                                       6.125            580.20
    PHOENIX          AZ   85305          2            01/30/03         00
    1973074                              05           03/01/03          0
    1973074                              N            02/01/33
    0

    8534693          286/286             F           91,000.00         ZZ
                                         360         90,915.71          2
                                       6.375            567.73         70
                                       6.125            567.73
    DULUTH           MN   55808          5            02/10/03         00
    1926955                              05           04/01/03          0
    1926955                              N            03/01/33
    0
1

    8534701          286/286             F          120,600.00         ZZ
                                         360        120,238.59          1
                                       7.500            843.26         90
                                       7.250            843.26
    CORDOVA          TN   38016          1            11/04/02         14
    1680053                              05           01/01/03         25
    1680053                              N            12/01/32
    0

    8534709          286/286             F          105,000.00         ZZ
                                         360        104,814.21          2
                                       6.625            672.33         67
                                       6.375            672.33
    ARNOLD           MD   21012          2            01/29/03         00
    1940355                              05           03/01/03          0
    1940355                              N            02/01/33
    0

    8534711          286/286             F          100,000.00         ZZ
                                         360         99,823.04          1
                                       6.625            640.32         80
                                       6.375            640.32
    VIRGINIA BEACH   VA   23454          1            02/05/03         00
    1976808                              01           03/01/03          0
    1976808                              N            02/01/33
    0

    8534721          286/286             F          240,000.00         ZZ
                                         360        239,564.90          1
                                       6.500          1,516.96         63
                                       6.250          1,516.96
    OLNY             MD   20832          5            01/17/03         00
    1710745                              05           03/01/03          0
    1710745                              N            02/01/33
    0

    8534725          286/286             F           77,000.00         ZZ
                                         360         76,860.41          1
                                       6.500            486.69         44
                                       6.250            486.69
    GAITHERSBURG     MD   20879          2            01/17/03         00
    1819211                              05           03/01/03          0
    1819211                              N            02/01/33
    0

    8534727          286/286             F           85,000.00         ZZ
                                         360         84,845.90          1
1

                                       6.500            537.26         30
                                       6.250            537.26
    OLNEY            MD   20832          2            01/17/03         00
    1917769                              05           03/01/03          0
    1917769                              N            02/01/33
    0

    8534735          286/286             F          147,750.00         ZZ
                                         360        147,122.17          2
                                       6.875            970.62         80
                                       6.625            970.62
    GARLAND          TX   75043          2            10/29/02         00
    1641723                              05           12/01/02          0
    1641723                              N            11/01/32
    0

    8534737          286/286             F          147,750.00         ZZ
                                         360        147,122.17          2
                                       6.875            970.62         79
                                       6.625            970.62
    GARLAND          TX   75043          2            10/29/02         00
    1641805                              05           12/01/02          0
    1641805                              N            11/01/32
    0

    8534745          286/286             F           80,640.00         ZZ
                                         360         80,346.03          1
                                       6.500            509.70         80
                                       6.250            509.70
    ATHENS           GA   30605          2            11/08/02         00
    1625347                              01           01/01/03          0
    1625347                              N            12/01/32
    0

    8534751          286/286             F           88,500.00         ZZ
                                         360         88,354.48          4
                                       7.000            588.80         56
                                       6.750            588.80
    DAYTON           OH   45419          2            01/27/03         00
    1875940                              05           03/01/03          0
    1875940                              N            02/01/33
    0

    8534753          286/286             F          117,000.00         ZZ
                                         360        116,816.90          2
                                       7.250            798.15         90
                                       7.000            798.15
    ST LOUIS         MO   63116          1            01/03/03         11
    1885678                              05           03/01/03         25
1

    1885678                              N            02/01/33
    0

    8534761          286/286             F           22,400.00         ZZ
                                         360         22,382.08          1
                                       7.125            150.92         80
                                       6.875            150.92
    DAYTON           OH   45419          1            02/11/03         00
    1968448                              01           04/01/03          0
    1968448                              N            03/01/33
    0

    8534763          286/286             F          115,500.00         ZZ
                                         360        115,274.89          3
                                       6.125            701.80         77
                                       5.875            701.80
    REDFORD          MI   48240          2            01/24/03         00
    1833534                              05           03/01/03          0
    1833534                              N            02/01/33
    0

    8534765          286/286             F          116,150.00         ZZ
                                         360        116,049.99          1
                                       6.750            753.35         75
                                       6.500            753.35
    STEVENSVILLE     MD   21666          1            02/12/03         00
    1968103                              05           04/01/03          0
    1968103                              N            03/01/33
    0

    8534775          286/286             F          113,600.00         ZZ
                                         360        113,389.00          1
                                       6.375            708.72         80
                                       6.125            708.72
    LAWRENCEVILLE    GA   30043          2            01/23/03         00
    1903378                              05           03/01/03          0
    1903378                              N            02/01/33
    0

    8534779          286/286             F          101,700.00         ZZ
                                         360        101,179.24          2
                                       6.750            659.62         90
                                       6.500            659.62
    TUCSON           AZ   85716          1            10/28/02         12
    1679973                              05           12/01/02         25
    1679973                              N            11/01/32
    0

1

    8534791          286/286             F          110,000.00         ZZ
                                         360        109,594.38          3
                                       6.500            695.27         71
                                       6.250            695.27
    TAMPA            FL   33602          1            01/17/03         00
    1964989                              05           03/01/03          0
    1964989                              N            02/01/33
    0

    8534793          286/286             F          105,000.00         ZZ
                                         360        104,809.65          3
                                       6.500            663.67         68
                                       6.250            663.67
    HILLSBOROUGH     FL   33602          1            01/17/03         00
    1964993                              05           03/01/03          0
    1964993                              N            02/01/33
    0

    8534795          286/286             F          100,100.00         ZZ
                                         360        100,019.94          1
                                       7.125            674.40         56
                                       6.875            674.40
    MONTGOMERY       TX   77356          5            02/07/03         00
    2012178                              05           04/01/03          0
    2012178                              N            03/01/33
    0

    8534797          286/286             F           97,000.00         ZZ
                                         360         96,905.12          3
                                       6.125            589.39         68
                                       5.875            589.39
    MILFORD          OH   45150          2            02/10/03         00
    1987050                              05           04/01/03          0
    1987050                              N            03/01/33
    0

    8534799          286/286             F          140,000.00         ZZ
                                         360        139,477.17          1
                                       6.375            873.42         43
                                       6.125            873.42
    PORT SAINT JOE   FL   32456          5            11/08/02         00
    1621904                              05           01/01/03          0
    1621904                              N            12/01/32
    0

    8534801          286/286             F          125,100.00         ZZ
                                         360        124,904.21          1
                                       7.250            853.41         90
                                       7.000            853.41
1

    ALBUQUERQUE      NM   87109          1            01/15/03         21
    1947621                              05           03/01/03         25
    1947621                              N            02/01/33
    0

    8534803          286/286             F          145,700.00         ZZ
                                         360        145,034.22          1
                                       6.500            920.93         90
                                       6.250            920.93
    CHANDLER         AZ   85249          1            10/17/02         12
    1309089                              05           12/01/02         25
    1309089                              N            11/01/32
    0

    8534805          286/286             F           91,900.00         ZZ
                                         360         91,531.28          1
                                       6.000            550.99         72
                                       5.750            550.99
    JASPER           GA   30143          2            11/15/02         00
    1532095                              05           01/01/03          0
    1532095                              N            12/01/32
    0

    8534809          286/286             F           94,800.00         ZZ
                                         360         94,350.73          2
                                       7.250            646.71         80
                                       7.000            646.71
    CHERRY VALLEY    IL   61016          2            01/03/03         00
    1814900                              05           03/01/03          0
    1814900                              N            02/01/33
    0

    8534811          286/286             F          114,000.00         ZZ
                                         360        113,584.40          1
                                       6.500            720.56         80
                                       6.250            720.56
    TEMPE            AZ   85283          1            11/13/02         00
    1759970                              05           01/01/03          0
    1759970                              N            12/01/32
    0

    8534815          286/286             F           89,000.00         ZZ
                                         360         88,181.12          1
                                       7.000            592.12         56
                                       6.750            592.12
    TROY             MI   48084          2            11/14/02         00
    1619944                              05           01/01/03          0
    1619944                              N            12/01/32
    0
1

    8534817          286/286             F          462,000.00         ZZ
                                         360        461,202.20          4
                                       6.750          2,996.53         70
                                       6.500          2,996.53
    MOUNT VERNON     NY   10550          5            01/10/03         00
    1918885                              05           03/01/03          0
    1918885                              N            02/01/33
    0

    8534825          286/286             F           77,000.00         ZZ
                                         360         76,856.98          1
                                       6.375            480.38         66
                                       6.125            480.38
    TUCSON           AZ   85742          1            01/21/03         00
    1962699                              05           03/01/03          0
    1962699                              N            02/01/33
    0

    8534827          286/286             F           81,000.00         ZZ
                                         360         80,737.92          1
                                       7.375            559.45         90
                                       7.125            559.45
    DAYTON           OH   45402          1            11/15/02         10
    1671050                              05           01/01/03         25
    1671050                              N            12/01/32
    0

    8534865          286/286             F           97,500.00         ZZ
                                         360         97,054.48          1
                                       6.500            616.27         75
                                       6.250            616.27
    KANSAS CITY      MO   64118          5            11/05/02         00
    1648687                              05           12/01/02          0
    1648687                              N            11/01/32
    0

    8534871          286/286             F           93,000.00         ZZ
                                         360         92,668.41          1
                                       6.875            610.95         77
                                       6.625            610.95
    ASHEVILLE        NC   28806          5            11/11/02         00
    1687640                              05           01/01/03          0
    1687640                              N            12/01/32
    0

    8534881          286/286             F           89,950.00         ZZ
                                         360         89,424.21          1
1

                                       7.000            598.44         90
                                       6.750            598.44
    SALISBURY        MD   21804          1            11/22/02         12
    1713461                              05           01/01/03         25
    1713461                              N            12/01/32
    0

    8534887          286/286             F           99,000.00         ZZ
                                         360         98,820.52          1
                                       6.500            625.75         65
                                       6.250            625.75
    LAUREL           MD   20707          2            01/24/03         00
    1887769                              03           03/01/03          0
    1887769                              N            02/01/33
    0

    8534889          286/286             F          124,000.00         ZZ
                                         360        123,558.73          1
                                       6.625            793.99         78
                                       6.375            793.99
    EASTLAKE         OH   44095          2            11/13/02         00
    1671507                              05           01/01/03          0
    1671507                              N            12/01/32
    0

    8534895          286/286             F           91,900.00         ZZ
                                         360         91,737.38          1
                                       6.625            588.45         80
                                       6.375            588.45
    ROSELLE PARK     NJ   07204          1            01/23/03         00
    1905787                              01           03/01/03          0
    1905787                              N            02/01/33
    0

    8534897          286/286             F          126,000.00         ZZ
                                         360        125,247.63          1
                                       6.125            765.59         63
                                       5.875            765.59
    OCEAN CITY       MD   21842          2            11/26/02         00
    1614716                              01           01/01/03          0
    1614716                              N            12/01/32
    0

    8534901          286/286             F          101,200.00         ZZ
                                         360        100,998.00          1
                                       6.000            606.75         80
                                       5.750            606.75
    GALLOWAY         OH   43119          1            01/31/03         00
    1768598                              05           03/01/03          0
1

    1768598                              N            02/01/33
    0

    8534917          286/286             F          130,500.00         ZZ
                                         360        130,000.78          1
                                       6.250            803.52         90
                                       6.000            803.52
    MUNSTER          IN   46321          1            11/05/02         21
    1674327                              05           01/01/03         25
    1674327                              N            12/01/32
    0

    8534931          286/286             F          118,400.00         ZZ
                                         360        117,938.49          1
                                       6.750            767.94         80
                                       6.500            767.94
    GLENDALE         AZ   85308          1            11/18/02         00
    1784760                              05           01/01/03          0
    1784760                              N            12/01/32
    0

    8534943          286/286             F          124,000.00         ZZ
                                         360        123,547.98          1
                                       6.500            783.76         80
                                       6.250            783.76
    AUSTIN           TX   78749          1            11/06/02         00
    1737842                              05           01/01/03          0
    1737842                              N            12/01/32
    0

    8534945          286/286             F           94,500.00         ZZ
                                         360         94,412.47          2
                                       6.375            589.56         70
                                       6.125            589.56
    ST FRANCIS       WI   55434          5            02/12/03         00
    1999068                              05           04/01/03          0
    1999068                              N            03/01/33
    0

    8534947          286/286             F          225,000.00         ZZ
                                         360        224,571.89          2
                                       6.250          1,385.37         50
                                       6.000          1,385.37
    ATLANTA          GA   30306          5            01/17/03         00
    1918379                              05           03/01/03          0
    1918379                              N            02/01/33
    0

1

    8534951          286/286             F           53,600.00         ZZ
                                         360         53,558.18          1
                                       7.250            365.65         80
                                       7.000            365.65
    ROCHESTER        NY   14612          5            02/13/03         00
    1991167                              05           04/01/03          0
    1991167                              N            03/01/33
    0

    8534953          286/286             F           88,000.00         ZZ
                                         360         87,782.32          1
                                       7.000            585.47         64
                                       6.750            585.47
    RICHMOND         VA   23229          1            12/27/02         00
    1850198                              05           02/01/03          0
    1850198                              N            01/01/33
    0

    8534963          286/286             F          102,510.00         ZZ
                                         360        102,127.17          1
                                       6.375            639.53         90
                                       6.125            639.53
    MARIETTA         GA   30066          1            11/06/02         12
    1749422                              05           01/01/03         25
    1749422                              N            12/01/32
    0

    8534971          286/286             F           80,000.00         ZZ
                                         360         79,616.49          1
                                       6.250            492.58         80
                                       6.000            492.58
    VILLA RICA       GA   30180          5            10/30/02         00
    1725175                              05           12/01/02          0
    1725175                              N            11/01/32
    0

    8534973          286/286             F           78,750.00         ZZ
                                         360         78,462.89          2
                                       6.500            497.76         75
                                       6.250            497.76
    MADRAS           OR   97741          5            11/11/02         00
    1754062                              05           01/01/03          0
    1754062                              N            12/01/32
    0

    8534977          286/286             F          104,000.00         ZZ
                                         360        103,891.19          2
                                       6.375            648.82         79
                                       6.125            648.82
1

    DOUGLASVILLE     GA   30134          2            02/06/03         00
    1937215                              05           04/01/03          0
    1937215                              N            03/01/33
    0

    8534981          286/286             F           80,000.00         ZZ
                                         360         79,693.96          1
                                       6.250            492.58         80
                                       6.000            492.58
    AUBURN           GA   30011          1            11/08/02         00
    1782961                              05           01/01/03          0
    1782961                              N            12/01/32
    0

    8534983          286/286             F           95,000.00         ZZ
                                         360         94,913.79          1
                                       6.500            600.46         80
                                       6.250            600.46
    MOORESVILLE      IN   46158          5            02/11/03         00
    1958183                              03           04/01/03          0
    1958183                              N            03/01/33
    0

    8534987          286/286             F           97,500.00         ZZ
                                         360         97,073.67          3
                                       6.750            632.39         70
                                       6.500            632.39
    WOONSOCKET       RI   02895          2            10/29/02         00
    1642227                              05           12/01/02          0
    1642227                              N            11/01/32
    0

    8534991          286/286             F          134,000.00         ZZ
                                         360        133,762.89          2
                                       6.625            858.02         22
                                       6.375            858.02
    BELMONT          MA   02478          2            01/03/03         00
    1918284                              05           03/01/03          0
    1918284                              N            02/01/33
    0

    8534995          286/286             F          123,700.00         ZZ
                                         360        123,464.63          1
                                       6.250            761.65         75
                                       6.000            761.65
    COLORADO SPRING  CO   80907          5            01/06/03         00
    1890395                              05           03/01/03          0
    1890395                              N            02/01/33
    0
1

    8534999          286/286             F           80,000.00         ZZ
                                         360         79,845.40          1
                                       6.500            505.66         54
                                       6.250            505.66
    SALT LAKE CITY   UT   84102          2            01/03/03         00
    1931715                              01           03/01/03          0
    1931715                              N            02/01/33
    0

    8535011          286/286             F           55,200.00         ZZ
                                         360         55,109.24          1
                                       7.000            367.25         80
                                       6.750            367.25
    INDIANAPOLIS     IN   46203          2            01/29/03         00
    1909864                              05           03/01/03          0
    1909864                              N            02/01/33
    0

    8535025          286/286             F           90,000.00         ZZ
                                         360         89,848.34          1
                                       6.875            591.24         90
                                       6.625            591.24
    BALTIMORE        MD   21286          1            01/31/03         11
    0001243050                           05           03/01/03         25
    0001243050                           N            02/01/33
    0

    8535031          286/286             F           90,450.00         ZZ
                                         360         90,289.94          2
                                       6.625            579.17         66
                                       6.375            579.17
    CLOVIS           CA   93001          2            02/06/03         00
    1895688                              05           03/01/03          0
    1895688                              N            02/01/33
    0

    8535035          286/286             F          109,300.00         ZZ
                                         360        109,086.99          1
                                       6.125            664.12         70
                                       5.875            664.12
    PERRIS           CA   92571          1            01/07/03         00
    1912234                              05           03/01/03          0
    1912234                              N            02/01/33
    0

    8535041          286/286             F          126,350.00         ZZ
                                         360        126,115.32          4
1

                                       6.375            788.26         62
                                       6.125            788.26
    BALTIMORE        MD   21218          2            01/24/03         00
    0001243439                           05           03/01/03          0
    0001243439                           N            02/01/33
    0

    8535055          286/286             F           80,000.00         ZZ
                                         360         79,844.09          1
                                       6.125            486.09         44
                                       5.875            486.09
    CHARLESTOWN      RI   02813          2            02/03/03         00
    1995604                              05           03/01/03          0
    1995604                              N            02/01/33
    0

    8535059          286/286             F          132,800.00         ZZ
                                         360        132,685.66          1
                                       6.750            861.34         80
                                       6.500            861.34
    WEST VALLEY CIT  UT   84128          1            02/05/03         00
    1979867                              05           04/01/03          0
    1979867                              N            03/01/33
    0

    8535061          286/286             F          125,600.00         ZZ
                                         360        125,491.86          1
                                       6.750            814.64         80
                                       6.500            814.64
    SALT LAKE CITY   UT   84118          1            02/05/03         00
    2003292                              05           04/01/03          0
    2003292                              N            03/01/33
    0

    8535067          286/286             F          146,300.00         ZZ
                                         360        146,164.49          4
                                       6.375            912.73         70
                                       6.125            912.73
    YAKIMA           WA   98908          5            02/19/03         00
    2009096                              05           04/01/03          0
    2009096                              N            03/01/33
    0

    8535069          286/286             F          126,000.00         ZZ
                                         360        125,748.49          1
                                       6.000            755.44         90
                                       5.750            755.44
    DALLAS           TX   75218          1            02/03/03         10
    1971590                              05           03/01/03         30
1

    1971590                              N            02/01/33
    0

    8535073          286/286             F          136,500.00         ZZ
                                         360        136,269.98          1
                                       6.875            896.71         65
                                       6.625            896.71
    ARNOLD           MD   21401          2            01/08/03         00
    0001244807                           05           03/01/03          0
    0001244807                           N            02/01/33
    0

    8535085          286/286             F           28,800.00         ZZ
                                         360         28,777.53          1
                                       7.250            196.47         90
                                       7.000            196.47
    PHILADELPHIA     PA   19145          1            02/24/03         11
    1849125                              05           04/01/03         25
    1849125                              N            03/01/33
    0

    8535087          286/286             F          122,400.00         ZZ
                                         360        122,208.44          1
                                       7.250            834.99         90
                                       7.000            834.99
    MIAMI            FL   33127          1            01/30/03         10
    1862301                              05           03/01/03         25
    1862301                              N            02/01/33
    0

    8535093          286/286             F          225,000.00         ZZ
                                         360        224,796.59          1
                                       6.500          1,422.16         50
                                       6.250          1,422.16
    SAN BRUNO        CA   94066          5            02/14/03         00
    1984798                              05           04/01/03          0
    1984798                              N            03/01/33
    0

    8535097          286/286             F           96,000.00         ZZ
                                         360         95,915.30          1
                                       6.625            614.70         80
                                       6.375            614.70
    DALLAS           TX   75249          1            02/14/03         00
    2009926                              05           04/01/03          0
    2009926                              N            03/01/33
    0

1

    8535099          286/286             F          174,000.00         ZZ
                                         360        173,684.55          1
                                       6.500          1,099.80         60
                                       6.250          1,099.80
    MORAGA           CA   94556          5            01/24/03         00
    1885300                              01           03/01/03          0
    1885300                              N            02/01/33
    0

    8535107          286/286             F          110,000.00         ZZ
                                         360        109,800.56          1
                                       6.500            695.28         63
                                       6.250            695.28
    RIVERBANK        CA   95367          5            01/31/03         00
    1972577                              05           03/01/03          0
    1972577                              N            02/01/33
    0

    8535123          286/286             F          206,500.00         ZZ
                                         360        206,308.73          4
                                       6.375          1,288.30         70
                                       6.125          1,288.30
    BAKERSFIELD      CA   93306          5            02/05/03         00
    1794056                              05           04/01/03          0
    1794056                              N            03/01/33
    0

    8535127          286/286             F          252,000.00         ZZ
                                         360        251,766.59          1
                                       6.375          1,572.16         42
                                       6.125          1,572.16
    LIVERMORE        CA   94550          2            02/05/03         00
    1986865                              05           04/01/03          0
    1986865                              N            03/01/33
    0

    8535129          286/286             F           91,500.00         ZZ
                                         360         91,334.11          1
                                       6.500            578.35         49
                                       6.250            578.35
    RENO             NV   89523          2            01/27/03         00
    1934039                              05           03/01/03          0
    1934039                              N            02/01/33
    0

    8535131          286/286             F          103,000.00         ZZ
                                         360        102,909.12          1
                                       6.625            659.53         47
                                       6.375            659.53
1

    VISTA            CA   92083          5            02/11/03         00
    1950906                              01           04/01/03          0
    1950906                              N            03/01/33
    0

    8535139          286/286             F          130,400.00         ZZ
                                         360        130,145.86          1
                                       6.125            792.33         80
                                       5.875            792.33
    ANACORTES        WA   98221          1            01/31/03         00
    1902811                              05           03/01/03          0
    1902811                              N            02/01/33
    0

    8535155          286/286             F          259,000.00         ZZ
                                         360        258,760.11          1
                                       6.375          1,615.83         61
                                       6.125          1,615.83
    SAN JOSE         CA   95133          5            02/13/03         00
    2019450                              05           04/01/03          0
    2019450                              N            03/01/33
    0

    8535159          286/286             F          346,300.00         ZZ
                                         360        346,001.84          3
                                       6.750          2,246.10         54
                                       6.500          2,246.10
    SAN DIEGO        CA   92107          2            02/12/03         00
    1998579                              05           04/01/03          0
    1998579                              N            03/01/33
    0

    8535171          286/286             F           81,000.00         ZZ
                                         360         80,853.14          1
                                       6.500            511.98         90
                                       6.250            511.98
    RENO             NV   89506          1            01/24/03         21
    1945121                              05           03/01/03         25
    1945121                              N            02/01/33
    0

    8535173          286/286             F          251,250.00         ZZ
                                         360        251,022.86          1
                                       6.500          1,588.08         75
                                       6.250          1,588.08
    LIVERMORE        CA   94551          5            02/13/03         00
    2020499                              05           04/01/03          0
    2020499                              N            03/01/33
    0
1

    8535177          286/286             F          255,960.00         ZZ
                                         360        255,449.11          4
                                       6.000          1,534.61         80
                                       5.750          1,534.61
    AUBURN           WA   98002          1            02/10/03         00
    1991070                              05           03/01/03          0
    1991070                              N            02/01/33
    0

    8535187          286/286             F          322,700.00         ZZ
                                         360        322,393.81          1
                                       6.250          1,986.92         64
                                       6.000          1,986.92
    OAKLAND          CA   94602          5            02/13/03         00
    2039643                              05           04/01/03          0
    2039643                              N            03/01/33
    0

    8535193          286/286             F          149,600.00         ZZ
                                         360        149,464.75          1
                                       6.500            945.58         80
                                       6.250            945.58
    CITRUS HEIGHTS   CA   95621          1            02/06/03         00
    1968874                              05           04/01/03          0
    1968874                              N            03/01/33
    0

    8535195          286/286             F           88,500.00         ZZ
                                         360         88,331.62          1
                                       6.250            544.91         69
                                       6.000            544.91
    ALBUQUERQUE      NM   87110          5            01/31/03         00
    1986274                              05           03/01/03          0
    1986274                              N            02/01/33
    0

    8535199          286/286             F           84,000.00         ZZ
                                         360         83,858.44          1
                                       6.875            551.83         80
                                       6.625            551.83
    NORTH BRUNSWICK  NJ   08902          1            02/03/03         00
    1907918                              01           03/01/03          0
    1907918                              N            02/01/33
    0

    8535205          286/286             F          120,000.00         ZZ
                                         360        119,792.78          1
1

                                       6.750            778.32         71
                                       6.500            778.32
    PLANO            TX   75024          2            01/16/03         00
    1900599                              05           03/01/03          0
    1900599                              N            02/01/33
    0

    8535207          286/286             F          107,600.00         ZZ
                                         360        107,500.34          1
                                       6.375            671.29         60
                                       6.125            671.29
    FLAGSTAFF        AZ   86001          2            02/17/03         00
    1934121                              05           04/01/03          0
    1934121                              N            03/01/33
    0

    8535221          286/286             F          125,000.00         ZZ
                                         360        124,881.39          1
                                       6.250            769.65         53
                                       6.000            769.65
    MOORPARK         CA   93021          5            02/07/03         00
    1948633                              05           04/01/03          0
    1948633                              N            03/01/33
    0

    8535223          286/286             F          155,000.00         ZZ
                                         360        154,869.78          4
                                       6.875          1,018.24         69
                                       6.625          1,018.24
    PARADISE         CA   95969          2            02/03/03         00
    1932494                              05           04/01/03          0
    1932494                              N            03/01/33
    0

    8535225          286/286             F           77,300.00         ZZ
                                         360         77,231.79          1
                                       6.625            494.97         75
                                       6.375            494.97
    BEAUMONT         CA   92223          1            02/04/03         00
    1974103                              05           04/01/03          0
    1974103                              N            03/01/33
    0

    8535229          286/286             F           30,000.00         ZZ
                                         360         29,953.04          1
                                       7.250            204.66         75
                                       7.000            204.66
    FORT WAYNE       IN   46806          2            01/28/03         00
    1890063                              05           03/01/03          0
1

    1890063                              N            02/01/33
    0

    8535247          286/286             F          322,700.00         ZZ
                                         360        322,408.27          1
                                       6.500          2,039.69         59
                                       6.250          2,039.69
    PLEASANTON       CA   94566          5            02/05/03         00
    2006452                              05           04/01/03          0
    2006452                              N            03/01/33
    0

    8535253          286/286             F          175,000.00         ZZ
                                         360        174,841.80          1
                                       6.500          1,106.12         70
                                       6.250          1,106.12
    LOS ANGELES      CA   90016          5            01/30/03         00
    1967398                              05           04/01/03          0
    1967398                              N            03/01/33
    0

    8535255          286/286             F          117,000.00         ZZ
                                         360        116,886.28          1
                                       6.125            710.91         90
                                       5.875            710.91
    GILBERT          AZ   85234          1            02/03/03         21
    1899202                              05           04/01/03         25
    1899202                              N            03/01/33
    0

    8535259          286/286             F           83,200.00         ZZ
                                         360         83,121.05          1
                                       6.250            512.28         80
                                       6.000            512.28
    SAN ANTONIO      TX   78212          1            02/18/03         00
    1993997                              05           04/01/03          0
    1993997                              N            03/01/33
    0

    8535267          286/286             F           81,900.00         ZZ
                                         360         81,832.86          2
                                       7.000            544.89         90
                                       6.750            544.89
    HARTFORD         CT   06120          1            02/06/03         14
    1900340                              05           04/01/03         30
    1900340                              N            03/01/33
    0

1

    8535273          286/286             F          143,631.00         ZZ
                                         360        143,370.60          2
                                       6.500            907.85         60
                                       6.250            907.85
    PUYALLUP         WA   98374          2            02/05/03         00
    1920940                              05           03/01/03          0
    1920940                              N            02/01/33
    0

    8535275          286/286             F          143,631.00         ZZ
                                         360        143,370.60          2
                                       6.500            907.85         55
                                       6.250            907.85
    PUYALLUP         WA   98372          2            02/05/03         00
    1920942                              05           03/01/03          0
    1920942                              N            02/01/33
    0

    8535283          286/286             F          200,000.00         ZZ
                                         360        199,637.40          4
                                       6.500          1,264.14         68
                                       6.250          1,264.14
    MONTE RIO        CA   95462          5            01/23/03         00
    1935583                              05           03/01/03          0
    1935583                              N            02/01/33
    0

    8535285          286/286             F          105,600.00         ZZ
                                         360        105,422.05          1
                                       6.875            693.72         80
                                       6.625            693.72
    ANNANDALE        VA   22003          1            01/31/03         00
    0001243202                           01           03/01/03          0
    0001243202                           N            02/01/33
    0

    8535291          286/286             F          243,000.00         ZZ
                                         360        242,780.32          1
                                       6.500          1,535.93         69
                                       6.250          1,535.93
    ROCKVILLE        MD   20850          5            02/04/03         00
    0001244263                           05           04/01/03          0
    0001244263                           N            03/01/33
    0

    8535295          286/286             F          273,000.00         ZZ
                                         360        272,753.20          1
                                       6.500          1,725.55         52
                                       6.250          1,725.55
1

    SAN JOSE         CA   95128          5            02/12/03         00
    1985995                              05           04/01/03          0
    1985995                              N            03/01/33
    0

    8535297          286/286             F           76,000.00         ZZ
                                         360         75,865.51          1
                                       6.625            486.64         80
                                       6.375            486.64
    GARLAND          TX   75040          1            01/30/03         00
    1982056                              05           04/01/03          0
    1982056                              N            03/01/33
    0

    8535303          286/286             F          145,600.00         ZZ
                                         360        145,468.37          1
                                       6.500            920.30         80
                                       6.250            920.30
    GRESHAM          OR   97080          1            02/20/03         00
    2012566                              05           04/01/03          0
    2012566                              N            03/01/33
    0

    8535307          286/286             F          130,000.00         ZZ
                                         360        129,609.79          1
                                       6.000            779.42         59
                                       5.750            779.42
    SACRAMENTO       CA   95829          1            12/23/02         00
    1831853                              05           02/01/03          0
    1831853                              N            01/01/33
    0

    8535309          286/286             F          200,000.00         ZZ
                                         360        199,810.23          1
                                       6.250          1,231.44         66
                                       6.000          1,231.44
    RANCHO CUCAMONG  CA   91730          5            02/07/03         00
    2005071                              05           04/01/03          0
    2005071                              N            03/01/33
    0

    8535315          286/286             F           99,000.00         ZZ
                                         360         98,906.05          1
                                       6.250            609.57         90
                                       6.000            609.57
    DENTON           TX   76209          1            02/14/03         10
    1989843                              05           04/01/03         30
    1989843                              N            03/01/33
    0
1

    8535317          286/286             F          148,600.00         ZZ
                                         360        148,361.62          1
                                       7.125          1,001.15         90
                                       6.875          1,001.15
    SPARKS           NV   89436          1            01/15/03         12
    811064                               03           03/01/03         25
    811064                               N            02/01/33
    0

    8535333          286/286             F          147,500.00         ZZ
                                         360        147,366.65          1
                                       6.500            932.31         75
                                       6.250            932.31
    ONTARIO          CA   91762          2            01/28/03         00
    1933930                              05           04/01/03          0
    1933930                              N            03/01/33
    0

    8535343          286/286             F           85,400.00         ZZ
                                         360         85,328.25          1
                                       6.875            561.02         90
                                       6.625            561.02
    LANCASTER        CA   93534          1            01/31/03         10
    2004668                              05           04/01/03         25
    2004668                              N            03/01/33
    0

    8535345          286/286             F          147,550.00         ZZ
                                         360        147,416.61          1
                                       6.500            932.62         90
                                       6.250            932.62
    SPARKS           NV   89436          1            02/18/03         12
    1584676                              05           04/01/03         25
    1584676                              N            03/01/33
    0

    8535347          286/286             F          110,000.00         ZZ
                                         360        109,700.03          1
                                       6.500            695.28         76
                                       6.250            695.28
    FRISCO           TX   75035          5            01/03/03         00
    1857196                              05           02/01/03          0
    1857196                              N            01/01/33
    0

    8535507          K15/G02             F          161,900.00         ZZ
                                         360        161,900.00          1
1

                                       5.875            957.70         62
                                       5.625            957.70
    SEABROOK         NH   03874          2            03/10/03         00
    0435538178                           05           05/01/03          0
    033305511700                         O            04/01/33
    0

    8535621          624/G02             F          355,000.00         ZZ
                                         360        353,934.49          1
                                       6.000          2,128.40         51
                                       5.750          2,128.40
    SANTA MARIA      CA   93455          4            12/10/02         00
    0435555677                           05           02/01/03          0
    1000015426                           O            01/01/33
    0

    8535743          X19/G02             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.500          3,476.37         73
                                       6.250          3,476.37
    OSSINING         NY   10562          5            03/13/03         00
    0435552096                           05           05/01/03          0
    23011503                             O            04/01/33
    0

    8535981          420/G02             F          374,200.00         ZZ
                                         360        373,844.95          1
                                       6.250          2,304.01         76
                                       6.000          2,304.01
    SANTA ROSA       CA   95409          2            02/10/03         00
    0435518915                           05           04/01/03          0
    72005096                             O            03/01/33
    0

    8536093          Y10/G02             F          141,000.00         ZZ
                                         360        141,000.00          1
                                       6.875            926.27         68
                                       6.625            926.27
    LAGUNA BEACH     CA   92651          5            03/05/03         00
    0435507306                           01           05/01/03          0
    1853613                              O            04/01/33
    0

    8536587          E82/G02             F           80,600.00         ZZ
                                         360         80,600.00          1
                                       6.125            489.73         69
                                       5.875            489.73
    NORTHVILLE       MI   48167          2            03/14/03         00
    0400785952                           01           05/01/03          0
1

    0400785952                           O            04/01/33
    0

    8536593          E82/G02             F          110,700.00         ZZ
                                         360        110,700.00          1
                                       6.125            672.62         72
                                       5.875            672.62
    SEVERN           MD   21144          2            03/14/03         00
    0400785994                           05           05/01/03          0
    0400785994                           O            04/01/33
    0

    8536607          E82/G02             F          121,600.00         ZZ
                                         360        121,600.00          1
                                       6.125            738.85         73
                                       5.875            738.85
    APPLE VALLEY     CA   92307          2            03/12/03         00
    0400801015                           05           05/01/03          0
    0400801015                           O            04/01/33
    0

    8536609          E82/G02             F          116,800.00         ZZ
                                         360        116,800.00          1
                                       6.125            709.69         83
                                       5.875            709.69
    PORTLAND         OR   97233          2            03/14/03         10
    0400790333                           05           05/01/03         12
    0400790333                           O            04/01/33
    0

    8536637          E82/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.250          1,009.78         80
                                       6.000          1,009.78
    MIAMI            FL   33182          2            03/14/03         00
    0400783106                           05           05/01/03          0
    0400783106                           O            04/01/33
    0

    8537127          U05/G02             F          202,000.00         ZZ
                                         360        202,000.00          3
                                       6.250          1,243.75         61
                                       6.000          1,243.75
    SAN DIEGO        CA   92113          1            03/03/03         00
    0435555974                           05           05/01/03          0
    3308511                              O            04/01/33
    0

1

    8537233          E22/G02             F           87,675.00         ZZ
                                         360         87,675.00          1
                                       6.750            568.66         95
                                       6.500            568.66
    SPRING           TX   77373          2            03/10/03         01
    0415696962                           03           05/01/03         30
    0415696962                           O            04/01/33
    0

    8537261          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       6.125            461.78         80
                                       5.875            461.78
    HOUSTON          TX   77082          5            03/11/03         00
    0416153781                           03           05/01/03          0
    0416153781                           O            04/01/33
    0

    8537309          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.500            884.90         80
                                       6.250            884.90
    MANSFIELD        TX   76063          5            03/13/03         00
    0416186435                           05           05/01/03          0
    0416186435                           O            04/01/33
    0

    8537343          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.250          1,132.92         80
                                       6.000          1,132.92
    HENDERSON        NV   89015          5            03/10/03         00
    0416304038                           05           05/01/03          0
    0416304038                           O            04/01/33
    0

    8537503          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.000          1,438.92         80
                                       5.750          1,438.92
    FORT WORTH       TX   76020          4            03/17/03         00
    0416092617                           03           05/01/03          0
    0416092617                           O            04/01/33
    0

    8537535          E22/G02             F          204,500.00         ZZ
                                         360        204,500.00          2
                                       6.250          1,259.14         52
                                       6.000          1,259.14
1

    OAK PARK         IL   60304          2            03/11/03         00
    0416131449                           05           05/01/03          0
    0416131449                           O            04/01/33
    0

    8537575          E22/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
                                       6.125          1,549.41         42
                                       5.875          1,549.41
    GLEN ELLEN       CA   95442          2            02/27/03         00
    0416250827                           05           05/01/03          0
    0416250827                           O            04/01/33
    0

    8537587          E22/G02             F           72,800.00         ZZ
                                         360         72,800.00          1
                                       6.250            448.24         80
                                       6.000            448.24
    BELTON           MO   64012          2            03/14/03         00
    0416263911                           09           05/01/03          0
    0416263911                           N            04/01/33
    0

    8537589          E22/G02             F           72,800.00         ZZ
                                         360         72,800.00          1
                                       6.250            448.24         80
                                       6.000            448.24
    BELTON           MO   64012          2            03/14/03         00
    0416263945                           09           05/01/03          0
    0416263945                           N            04/01/33
    0

    8537619          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.000          1,678.74         41
                                       5.750          1,678.74
    OAKLAND          CA   94602          5            03/10/03         00
    0416398147                           05           05/01/03          0
    0416398147                           O            04/01/33
    0

    8537623          E22/G02             F          140,400.00         ZZ
                                         360        140,400.00          1
                                       6.125            853.09         90
                                       5.875            853.09
    ST. LOUIS PARK   MN   55426          1            03/17/03         11
    0416402071                           05           05/01/03         25
    0416402071                           N            04/01/33
    0
1

    8537629          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.500            707.92         79
                                       6.250            707.92
    NEW BRUNSWICK    NJ   08901          2            03/12/03         00
    0416408367                           01           05/01/03          0
    0416408367                           O            04/01/33
    0

    8537677          E22/G02             F          161,231.00         ZZ
                                         240        161,231.00          1
                                       6.250          1,178.48         94
                                       6.000          1,178.48
    GARDEN CITY      MI   48135          5            03/12/03         10
    0415986421                           05           05/01/03         30
    0415986421                           O            04/01/23
    0

    8537683          E22/G02             F          242,000.00         ZZ
                                         360        242,000.00          1
                                       6.375          1,509.77         63
                                       6.125          1,509.77
    SAINT LOUIS      MO   63119          2            03/12/03         00
    0415998483                           05           05/01/03          0
    0415998483                           O            04/01/33
    0

    8537697          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.125            656.22         80
                                       5.875            656.22
    EUGENE           OR   97404          5            03/11/03         00
    0416027944                           05           05/01/03          0
    0416027944                           O            04/01/33
    0

    8537721          E22/G02             F          145,800.00         ZZ
                                         360        145,800.00          1
                                       6.875            957.80         90
                                       6.625            957.80
    KENNEWICK        WA   99337          5            03/06/03         04
    0416203073                           05           05/01/03         25
    0416203073                           O            04/01/33
    0

    8537733          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
1

                                       6.125          1,118.00         80
                                       5.875          1,118.00
    PROSPECT HEIGHT  IL   60070          1            03/17/03         00
    0416214658                           05           05/01/03          0
    0416214658                           O            04/01/33
    0

    8537735          E22/G02             F          213,675.00         ZZ
                                         360        213,675.00          4
                                       6.875          1,403.69         75
                                       6.625          1,403.69
    COMSTOCK PARK    MI   49321          1            03/17/03         00
    0416215028                           05           05/01/03          0
    0416215028                           N            04/01/33
    0

    8537745          E22/G02             F          196,000.00         ZZ
                                         360        196,000.00          3
                                       6.125          1,190.92         37
                                       5.875          1,190.92
    CHICAGO          IL   60659          2            03/12/03         00
    0416223675                           05           05/01/03          0
    0416223675                           O            04/01/33
    0

    8537759          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         63
                                       5.625          2,957.69
    LONGMONT         CO   80503          2            03/12/03         00
    0416225969                           05           05/01/03          0
    0416225969                           O            04/01/33
    0

    8537765          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       5.875            970.12         80
                                       5.625            970.12
    DENVER           CO   80231          1            03/12/03         00
    0413668341                           05           05/01/03          0
    0416338341                           O            04/01/33
    0

    8537771          E22/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
                                       6.500            419.69         80
                                       6.250            419.69
    SACRAMENTO       CA   95842          1            03/12/03         00
    0416341212                           01           05/01/03          0
1

    0416341212                           N            04/01/33
    0

    8537781          E22/G02             F          128,800.00         ZZ
                                         360        128,800.00          2
                                       6.375            803.54         90
                                       6.125            803.54
    FRESNO           CA   93703          1            03/10/03         04
    0416354116                           05           05/01/03         25
    5016354116                           N            04/01/33
    0

    8537813          E22/G02             F          103,120.00         ZZ
                                         360        103,120.00          2
                                       6.000            618.26         80
                                       5.750            618.26
    KALAMAZOO        MI   49004          1            03/17/03         00
    0416375657                           05           05/01/03          0
    0416375657                           N            04/01/33
    0

    8537909          G52/G02             F           58,100.00         ZZ
                                         360         57,925.91          1
                                       7.500            406.24         70
                                       7.250            406.24
    AIEA             HI   96701          1            11/18/02         00
    0435570502                           06           01/01/03          0
    9205003275                           N            12/01/32
    0

    8538017          F61/G02             F          181,000.00         ZZ
                                         360        181,000.00          1
                                       6.375          1,129.20         55
                                       6.125          1,129.20
    SEATTLE          WA   98107          2            03/06/03         00
    0435557145                           05           05/01/03          0
    030242B                              N            04/01/33
    0

    8538105          U35/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       6.500            726.88        100
                                       6.250            726.88
    FOND DU LAC      WI   54935          1            03/17/03         12
    0435534979                           05           05/01/03         35
    0007717661                           O            04/01/33
    0

1

    8538221          R80/G02             F          194,400.00         ZZ
                                         360        194,400.00          4
                                       6.625          1,244.76         80
                                       6.375          1,244.76
    MESA             AZ   85203          1            03/13/03         00
    0435562731                           05           05/01/03          0
    30519                                N            04/01/33
    0

    8538357          A35/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.000            719.46         54
                                       5.750            719.46
    FREEPORT         NY   11520          5            03/12/03         00
    0435553292                           01           05/01/03          0
    1                                    O            04/01/33
    0

    8538381          A21/G02             F          155,000.00         ZZ
                                         360        154,863.24          2
                                       6.625            992.49         73
                                       6.375            992.49
    PASSAIC          NJ   07055          5            02/28/03         00
    0435553490                           05           04/01/03          0
    7770000533                           O            03/01/33
    0

    8538455          F89/G02             F          484,000.00         ZZ
                                         360        484,000.00          1
                                       6.250          2,980.07         80
                                       6.000          2,980.07
    LA VERNE         CA   91750          1            03/01/03         00
    0435576848                           05           05/01/03          0
    19027939                             O            04/01/33
    0

    8538503          K60/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       5.750          1,680.69         80
                                       5.500          1,680.69
    MIAMI            FL   33133          1            03/13/03         00
    0435556030                           05           05/01/03          0
    0001050123                           O            04/01/33
    0

    8538585          588/G02             F          146,700.00         ZZ
                                         360        146,564.12          1
                                       6.375            915.22         90
                                       6.125            915.22
1

    EVESHAM TOWNSHI  NJ   08053          1            02/28/03         01
    0435541602                           03           04/01/03         25
    1086518                              O            03/01/33
    0

    8538611          168/168             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    WHITESTONE       NY   11357          5            03/06/03         00
    0319648001                           05           05/01/03          0
    0319648001                           O            04/01/33
    0

    8538823          X81/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.250            831.22         73
                                       6.000            831.22
    RICHFIELD        MN   55423          5            03/14/03         00
    0435536024                           05           05/01/03          0
    953085                               O            04/01/33
    0

    8538893          M24/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       6.250          1,896.41         80
                                       6.000          1,896.41
    SANTA ANA        CA   92706          1            03/07/03         00
    0435525712                           05           05/01/03          0
    288-107921                           O            04/01/33
    0

    8538897          K60/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.250          1,231.43         80
                                       6.000          1,231.43
    BETHLEHAM        PA   18015          5            03/07/03         00
    0435556055                           05           05/01/03          0
    0001049699                           O            04/01/33
    0

    8539017          U87/G02             F          519,000.00         ZZ
                                         360        519,000.00          1
                                       6.125          3,153.50         73
                                       5.875          3,153.50
    SANTA ANA        CA   92706          2            03/12/03         00
    0435555073                           05           05/01/03          0
    5220                                 O            04/01/33
    0
1

    8539469          E22/G02             F          128,850.00         ZZ
                                         360        128,850.00          1
                                       6.250            793.35         68
                                       6.000            793.35
    WEST PALM BEACH  FL   33411          1            03/18/03         00
    0415921535                           09           05/01/03          0
    0415921535                           O            04/01/33
    0

    8539471          E82/G02             F          152,500.00         ZZ
                                         360        152,500.00          1
                                       7.250          1,040.32         55
                                       7.000          1,040.32
    AUSTIN           TX   78703          2            03/19/03         00
    0400755575                           05           05/01/03          0
    0400755575                           N            04/01/33
    0

    8539497          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.625            819.60         95
                                       6.375            819.60
    EAST HAVEN       CT   06512          1            03/18/03         04
    0416020808                           05           05/01/03         30
    0416020808                           O            04/01/33
    0

    8539505          E22/G02             F          109,000.00         ZZ
                                         360        109,000.00          3
                                       6.750            706.97         66
                                       6.500            706.97
    SALT LAKE CITY   UT   84105          2            02/28/03         00
    0416056976                           05           05/01/03          0
    0416056976                           N            04/01/33
    0

    8539511          E22/G02             F           94,350.00         ZZ
                                         360         94,350.00          1
                                       6.500            596.36         85
                                       6.250            596.36
    JACKSONVILLE     FL   32244          2            03/05/03         04
    0416057305                           03           05/01/03         20
    0416057305                           N            04/01/33
    0

    8539517          E22/G02             F          187,150.00         ZZ
                                         360        187,150.00          1
1

                                       6.375          1,167.57         95
                                       6.125          1,167.57
    MERIDIAN         ID   83642          2            03/12/03         04
    0416098002                           03           05/01/03         30
    0416098002                           O            04/01/33
    0

    8539521          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          2
                                       7.125            485.08         90
                                       6.875            485.08
    MISHAWAKA        IN   46545          1            03/18/03         04
    0416100006                           05           05/01/03         25
    0416100006                           N            04/01/33
    0

    8539523          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.375          1,347.56         91
                                       6.125          1,347.56
    GLENDALE HEIGHT  IL   60139          2            03/13/03         04
    0416106730                           05           05/01/03         30
    0416106730                           O            04/01/33
    0

    8539527          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       6.125            710.90         78
                                       5.875            710.90
    SANTA FE         TX   77517          5            03/13/03         00
    0416115897                           05           05/01/03          0
    0416115897                           O            04/01/33
    0

    8539597          E22/G02             F          135,450.00         ZZ
                                         360        135,450.00          1
                                       6.625            867.30         90
                                       6.375            867.30
    JOHNSBURG        IL   60050          1            03/18/03         04
    0416221463                           05           05/01/03         25
    0416221463                           N            04/01/33
    0

    8539607          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       6.750          1,452.86         80
                                       6.500          1,452.86
    BELLEVUE         WA   98005          5            03/11/03         00
    0416230001                           01           05/01/03          0
1

    0416230001                           O            04/01/33
    0

    8539621          E22/G02             F           98,000.00         ZZ
                                         360         98,000.00          1
                                       6.125            595.46         80
                                       5.875            595.46
    CHESTERFIELD     VA   23832          5            03/13/03         00
    0416260321                           05           05/01/03          0
    0416260321                           O            04/01/33
    0

    8539631          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.000          1,916.07         80
                                       6.750          1,916.07
    DALLAS           TX   75205          5            03/13/03         00
    0416271872                           07           05/01/03          0
    0416271872                           O            04/01/33
    0

    8539691          E22/G02             F          153,600.00         ZZ
                                         360        153,600.00          1
                                       6.125            933.29         80
                                       5.875            933.29
    ARLINGTON        TX   76011          5            03/13/03         00
    0416300754                           05           05/01/03          0
    0416300754                           O            04/01/33
    0

    8539717          E22/G02             F           76,950.00         ZZ
                                         360         76,950.00          1
                                       6.375            480.07         90
                                       6.125            480.07
    GNADENHUTTEN     OH   44629          1            03/18/03         01
    0416328839                           05           05/01/03         25
    0416328839                           N            04/01/33
    0

    8539719          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       5.875          1,254.06         59
                                       5.625          1,254.06
    RICHMOND         CA   94803          5            03/10/03         00
    0416329886                           03           05/01/03          0
    0416329886                           O            04/01/33
    0

1

    8539755          E22/G02             F          214,500.00         ZZ
                                         360        214,500.00          1
                                       6.125          1,303.32         65
                                       5.875          1,303.32
    LOUISVILLE       KY   40245          2            03/13/03         00
    0416359107                           05           05/01/03          0
    0416359107                           O            04/01/33
    0

    8539781          E22/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       6.500            720.56         78
                                       6.250            720.56
    LOWER TOWNSHIP   NJ   08204          5            03/13/03         00
    0416399715                           05           05/01/03          0
    0416399715                           O            04/01/33
    0

    8539793          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       7.625            541.46         90
                                       7.375            541.46
    OGDEN            UT   84401          1            03/10/03         04
    0416410330                           05           05/01/03         30
    0416410330                           O            04/01/33
    0

    8540215          A06/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.500          1,422.16         67
                                       6.250          1,422.16
    BIRMINGHAM       MI   48009          5            03/13/03         00
    0435553029                           05           05/01/03          0
    1000010300418                        N            04/01/33
    0

    8540361          S11/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.44         80
                                       5.875          2,430.44
    BURBANK          CA   91504          5            03/05/03         00
    0435553250                           05           05/01/03          0
    10210936                             O            04/01/33
    0

    8540571          408/G02             F           88,000.00         ZZ
                                         360         87,922.35          2
                                       6.625            563.48         80
                                       6.375            563.48
1

    INDEPENDENCE     MO   64056          1            02/27/03         00
    0435555594                           05           04/01/03          0
    703033569                            N            03/01/33
    0

    8540577          408/G02             F           88,000.00         ZZ
                                         360         87,922.35          2
                                       6.625            563.48         80
                                       6.375            563.48
    INDEPENDENCE     MO   64056          1            02/27/03         00
    0435555115                           05           04/01/03          0
    703033557                            N            03/01/33
    0

    8540813          M27/G02             F          183,200.00         ZZ
                                         360        183,200.00          1
                                       6.000          1,098.38         80
                                       5.750          1,098.38
    RALEIGH          NC   27615          1            03/17/03         00
    0435590989                           05           05/01/03          0
    600894837                            O            04/01/33
    0

    8540971          168/168             F          433,000.00         ZZ
                                         360        433,000.00          1
                                       6.750          2,808.43         75
                                       6.500          2,808.43
    STERLING         VA   20164          2            03/04/03         00
    0319707008                           03           05/01/03          0
    0319707008                           O            04/01/33
    0

    8541153          N74/G02             F           99,777.00         ZZ
                                         360         99,680.02          1
                                       6.125            606.26         80
                                       5.875            606.26
    FORT WORTH       TX   76137          2            03/14/03         00
    0435573944                           05           04/19/03          0
    0031956010                           O            03/19/33
    0

    8541187          W02/G02             F          558,000.00         ZZ
                                         360        558,000.00          1
                                       6.125          3,390.47         77
                                       5.875          3,390.47
    ORLANDO          FL   32832          5            03/10/03         00
    0435571062                           05           05/01/03          0
    1001796193                           O            04/01/33
    0
1

    8541257          W58/G02             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       6.125          2,643.11         75
                                       5.875          2,643.11
    WOODLAND HILLS   CA   91364          5            03/13/03         00
    0435559356                           05           05/01/03          0
    LW00478                              O            04/01/33
    0

    8541337          A06/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
                                       6.500            394.42         80
                                       6.250            394.42
    DETROIT          MI   48228          2            03/14/03         00
    0435553045                           05           05/01/03          0
    1000010300578                        N            04/01/33
    0

    8541459          S27/G02             F          554,100.00         ZZ
                                         360        554,100.00          1
                                       6.625          3,547.97         71
                                       6.375          3,547.97
    BOWIE            MD   20716          2            02/26/03         00
    0435552302                           05           05/01/03          0
    1540000013                           O            04/01/33
    0

    8541463          X82/G02             F          439,400.00         ZZ
                                         360        439,400.00          1
                                       6.625          2,813.53         80
                                       6.375          2,813.53
    GAINESVILLE      VA   20155          1            03/12/03         00
    0435552542                           03           05/01/03          0
    849983                               O            04/01/33
    0

    8541493          F61/G02             F          187,200.00         ZZ
                                         360        187,200.00          1
                                       6.250          1,152.62         80
                                       6.000          1,152.62
    TACOMA           WA   98403          2            03/12/03         00
    0435553987                           05           05/01/03          0
    030059L                              O            04/01/33
    0

    8541501          N47/G02             F          258,000.00         ZZ
                                         360        258,000.00          1
1

                                       6.125          1,567.64         65
                                       5.875          1,567.64
    SAN JOSE         CA   95116          5            03/10/03         00
    0435577937                           05           05/01/03          0
    20503209                             O            04/01/33
    0

    8541533          M66/G02             F          164,600.00         ZZ
                                         360        164,443.81          2
                                       6.250          1,013.48         90
                                       6.000          1,013.48
    LEMOYNE          PA   17043          1            02/28/03         12
    0435542261                           05           04/01/03         25
    1004000422                           O            03/01/33
    0

    8541811          U05/G02             F          114,950.00         ZZ
                                         360        114,950.00          1
                                       6.375            717.14         95
                                       6.125            717.14
    TUCSON           AZ   85746          2            03/01/03         10
    0435553540                           03           05/01/03         30
    3318963                              O            04/01/33
    0

    8541891          U05/G02             F          172,000.00         ZZ
                                         360        171,848.24          1
                                       6.625          1,101.34         56
                                       6.375          1,101.34
    BERKELEY         CA   94702          5            02/25/03         00
    0435548003                           05           04/01/03          0
    3308419                              O            03/01/33
    0

    8542013          T09/G02             F          213,750.00         ZZ
                                         360        213,547.18          1
                                       6.250          1,316.10         90
                                       6.000          1,316.10
    RESEDA           CA   91335          1            02/24/03         01
    0435542147                           01           04/01/03         25
    2003000411                           O            03/01/33
    0

    8542285          E82/G02             F           86,700.00         ZZ
                                         360         86,700.00          1
                                       6.375            540.90         70
                                       6.125            540.90
    OKLAHOMA CITY    OK   73162          2            03/19/03         00
    0400793782                           05           05/01/03          0
1

    0400793782                           N            04/01/33
    0

    8542325          E82/G02             F          120,800.00         ZZ
                                         360        120,800.00          1
                                       6.500            763.54         68
                                       6.250            763.54
    SIMI VALLEY      CA   93065          2            03/14/03         00
    0400798591                           05           05/01/03          0
    0400798591                           O            04/01/33
    0

    8542645          E22/G02             F           67,450.00         ZZ
                                         360         67,450.00          1
                                       6.375            420.80         95
                                       6.125            420.80
    WILMER           AL   36587          5            03/14/03         10
    0416408714                           05           05/01/03         30
    0416408714                           O            04/01/33
    0

    8542667          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.375            673.78         90
                                       6.125            673.78
    SACRAMENTO       CA   95820          1            03/13/03         04
    0416427490                           05           05/01/03         25
    0416427490                           N            04/01/33
    0

    8542687          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          4
                                       6.875            683.21         80
                                       6.625            683.21
    MADRAS           OR   97741          1            03/10/03         00
    0416047553                           05           05/01/03          0
    0416047553                           N            04/01/33
    0

    8542689          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          4
                                       6.875            683.21         80
                                       6.625            683.21
    MADRAS           OR   97741          1            03/10/03         00
    0416057925                           05           05/01/03          0
    0416057925                           N            04/01/33
    0

1

    8542691          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          4
                                       6.875            683.21         80
                                       6.625            683.21
    MADRAS           OR   97741          1            03/10/03         00
    0416058303                           05           05/01/03          0
    0416058303                           N            04/01/33
    0

    8542707          E22/G02             F          108,050.00         ZZ
                                         360        108,050.00          1
                                       6.125            656.52         65
                                       5.875            656.52
    PFLUGERVILLE     TX   78660          2            03/14/03         00
    0416094100                           05           05/01/03          0
    0416094100                           O            04/01/33
    0

    8542717          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          2
                                       6.875            604.37         70
                                       6.625            604.37
    PATERSON         NJ   07501          5            03/19/03         00
    0416105914                           05           05/01/03          0
    0416105914                           N            04/01/33
    0

    8542745          E22/G02             F           98,900.00         ZZ
                                         360         98,900.00          1
                                       6.250            608.94         80
                                       6.000            608.94
    OZARK            MO   65721          1            03/11/03         00
    0416172096                           05           05/01/03          0
    0416172096                           O            04/01/33
    0

    8542765          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.750          1,459.35         90
                                       6.500          1,459.35
    BAY SHORE        NY   11706          5            03/14/03         04
    0416197705                           05           05/01/03         25
    0416197705                           O            04/01/33
    0

    8542773          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.750          1,297.20         80
                                       6.500          1,297.20
1

    DALLAS           TX   75220          5            03/14/03         00
    0416211050                           05           05/01/03          0
    0416211050                           O            04/01/33
    0

    8542777          E22/G02             F          161,600.00         ZZ
                                         360        161,600.00          1
                                       5.875            955.93         80
                                       5.625            955.93
    NORWICH          CT   06360          5            03/14/03         00
    0416212587                           05           05/01/03          0
    0416212587                           O            04/01/33
    0

    8542797          E22/G02             F          123,750.00         ZZ
                                         360        123,750.00          1
                                       6.125            751.92         80
                                       5.875            751.92
    HOUSTON          TX   77064          2            03/13/03         00
    0416228732                           03           05/01/03          0
    0416228732                           O            04/01/33
    0

    8542803          E22/G02             F           66,750.00         ZZ
                                         360         66,750.00          1
                                       7.125            449.71         75
                                       6.875            449.71
    BON WIER         TX   75928          1            03/19/03         00
    0416242543                           05           05/01/03          0
    0416242543                           O            04/01/33
    0

    8542827          E22/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.375          2,445.57         70
                                       6.125          2,445.57
    HUNTINGTON BEAC  CA   92647          5            02/27/03         00
    0416259653                           05           05/01/03          0
    0416259653                           O            04/01/33
    0

    8542829          E22/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       6.875            775.18         90
                                       6.625            775.18
    LOUISVILLE       KY   40216          5            03/14/03         01
    0416262947                           05           05/01/03         25
    0416262947                           O            04/01/33
    0
1

    8542845          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.000            551.59         80
                                       5.750            551.59
    TUCSON           AZ   85736          1            03/06/03         00
    0416279578                           05           05/01/03          0
    0416279578                           O            04/01/33
    0

    8542911          E22/G02             F           45,850.00         ZZ
                                         360         45,850.00          1
                                       7.250            312.78         70
                                       7.000            312.78
    TAMPA            FL   33618          1            03/19/03         00
    0418542911                           01           05/01/03          0
    0416457133                           N            04/01/33
    0

    8542913          E22/G02             F          137,600.00         ZZ
                                         360        137,600.00          1
                                       6.000            824.98         80
                                       5.750            824.98
    GARLAND          TX   75042          1            03/19/03         00
    0416457273                           03           05/01/03          0
    0416457273                           O            04/01/33
    0

    8542931          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       5.875          1,277.72         79
                                       5.625          1,277.72
    BURBANK          WA   99323          1            03/12/03         00
    0415765056                           05           05/01/03          0
    0415765056                           O            04/01/33
    0

    8543243          U05/G02             F           98,600.00         TX
                                         360         98,600.00          1
                                       6.750            639.52         79
                                       6.500            639.52
    CARROLLTON       TX   75006          2            03/12/03         00
    0435583554                           05           05/01/03          0
    3306282                              O            04/01/33
    0

    8543245          U19/G02             F           98,000.00         ZZ
                                         360         97,907.02          1
1

                                       6.250            603.40         77
                                       6.000            603.40
    MANITOU SPRINGS  CO   80829          5            02/25/03         00
    0435562855                           05           04/01/03          0
    0302170010                           O            03/01/33
    0

    8543249          U19/G02             F          171,000.00         ZZ
                                         360        170,682.40          1
                                       6.375          1,066.82         75
                                       6.125          1,066.82
    DENVER           CO   80227          5            01/15/03         00
    0435558580                           05           03/01/03          0
    58041277                             O            02/01/33
    0

    8543255          U19/G02             F          204,250.00         ZZ
                                         360        204,060.83          1
                                       6.375          1,274.25         95
                                       6.125          1,274.25
    THORNTON         CO   80241          1            02/24/03         01
    0435560354                           05           04/01/03         30
    33011136                             O            03/01/33
    0

    8543297          956/956             F          650,000.00         ZZ
                                         360        649,321.36          1
                                       5.750          3,793.22         65
                                       5.500          3,793.22
    BURLINGAME       CA   94010          1            02/24/03         00
    113010203                            05           04/01/03          0
    113010203                            O            03/01/33
    0

    8543301          956/956             F          436,000.00         ZZ
                                         360        435,565.96          1
                                       6.000          2,614.04         39
                                       5.750          2,614.04
    LOS ALTOS        CA   94022          2            02/11/03         00
    113020020                            05           04/01/03          0
    113020020                            O            03/01/33
    0

    8543305          956/956             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.000          2,967.78         77
                                       5.750          2,967.78
    MARTINEZ         CA   94553          1            03/01/03         00
    113020108                            05           05/01/03          0
1

    113020108                            O            04/01/33
    0

    8543307          956/956             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       6.000          3,837.12         65
                                       5.750          3,837.12
    LOS ALTOS        CA   94022          2            03/03/03         00
    113020167                            05           05/01/03          0
    113020167                            O            04/01/33
    0

    8543313          956/956             F          503,000.00         ZZ
                                         360        503,000.00          1
                                       6.000          3,015.74         78
                                       5.750          3,015.74
    UNION CITY       CA   94587          2            03/03/03         00
    213010086                            05           05/01/03          0
    213010086                            O            04/01/33
    0

    8543325          956/956             F          443,000.00         ZZ
                                         360        442,515.00          1
                                       6.000          2,656.01         74
                                       5.750          2,656.01
    SOQUEL           CA   95073          2            02/10/03         00
    713010150                            05           04/01/03          0
    713010150                            O            03/01/33
    0

    8543327          956/956             F          430,000.00         ZZ
                                         360        429,450.00          1
                                       6.000          2,578.07         51
                                       5.750          2,578.07
    SAN JOSE         CA   95121          2            02/10/03         00
    713010161                            05           04/01/03          0
    713010161                            O            03/01/33
    0

    8543331          956/956             F          393,000.00         ZZ
                                         360        392,599.32          1
                                       5.875          2,324.74         76
                                       5.625          2,324.74
    SAN JOSE         CA   95116          2            02/21/03         00
    713010366                            05           04/01/03          0
    713010366                            O            03/01/33
    0

1

    8543333          956/956             F          476,000.00         ZZ
                                         360        476,000.00          1
                                       5.875          2,815.72         80
                                       5.625          2,815.72
    BENICIA          CA   94510          1            03/03/03         00
    713020012                            05           05/01/03          0
    713020012                            O            04/01/33
    0

    8543335          956/956             F          356,000.00         ZZ
                                         360        355,653.99          1
                                       6.125          2,163.09         58
                                       5.875          2,163.09
    SAN JOSE         CA   95118          2            02/26/03         00
    713020061                            05           04/01/03          0
    713020061                            O            03/01/33
    0

    8543339          956/956             F          389,000.00         ZZ
                                         360        388,603.40          1
                                       5.875          2,301.08         71
                                       5.625          2,301.08
    SANTA ROSA       CA   95403          2            02/24/03         00
    813010099                            05           04/01/03          0
    813010099                            O            03/01/33
    0

    8543341          956/956             F          510,000.00         ZZ
                                         360        509,492.29          1
                                       6.000          3,057.71         74
                                       5.750          3,057.71
    MONTCLAIR        NJ   07042          2            02/28/03         00
    913020030                            05           04/01/03          0
    913020030                            O            03/01/33
    0

    8543345          956/956             F          455,000.00         ZZ
                                         360        454,113.28          1
                                       6.125          2,764.63         78
                                       5.875          2,764.63
    OAKLEY           CA   94561          2            01/13/03         00
    1113020026                           05           03/01/03          0
    1113020026                           O            02/01/33
    0

    8543361          956/956             F          490,000.00         ZZ
                                         360        489,523.75          1
                                       6.125          2,977.29         63
                                       5.875          2,977.29
1

    ANAHEIM          CA   92808          2            02/24/03         00
    1913020033                           03           04/01/03          0
    1913020033                           O            03/01/33
    0

    8543389          956/956             F          400,000.00         ZZ
                                         360        399,592.18          1
                                       5.875          2,366.15         62
                                       5.625          2,366.15
    REDWOOD CITY     CA   94062          5            02/27/03         00
    5313020008                           05           04/01/03          0
    5313020008                           O            03/01/33
    0

    8543393          956/956             F          405,000.00         ZZ
                                         360        404,606.37          1
                                       6.125          2,460.82         42
                                       5.875          2,460.82
    REDWOOD CITY     CA   94061          2            02/27/03         00
    5313020006                           05           04/01/03          0
    5313020006                           O            03/01/33
    0

    8543491          883/G02             F          105,520.00         ZZ
                                         360        105,520.00          1
                                       6.500            666.96         80
                                       6.250            666.96
    CAPE CORAL       FL   33991          1            03/14/03         00
    0435542683                           05           05/01/03          0
    05020527                             N            04/01/33
    0

    8543553          883/G02             F          103,700.00         ZZ
                                         360        103,700.00          1
                                       6.500            655.45         85
                                       6.250            655.45
    MILTON           FL   32570          5            03/10/03         10
    0435543285                           05           05/01/03         12
    71000037                             O            04/01/33
    0

    8543895          E11/G02             F          154,800.00         ZZ
                                         360        154,800.00          1
                                       6.375            965.75         90
                                       6.125            965.75
    ST. PAUL         MN   55108          1            03/13/03         04
    0435544069                           05           05/01/03         25
    0008001054522                        O            04/01/33
    0
1

    8544177          408/G02             F           88,000.00         ZZ
                                         360         87,922.35          2
                                       6.625            563.48         80
                                       6.375            563.48
    INDEPENDENCE     MO   64056          1            02/27/03         00
    0435543491                           05           04/01/03          0
    703033573                            N            03/01/33
    0

    8544185          408/G02             F           88,000.00         ZZ
                                         360         87,922.35          2
                                       6.625            563.48         80
                                       6.375            563.48
    INDEPENDENCE     MO   64055          1            02/27/03         00
    0435558648                           05           04/01/03          0
    703033574                            N            03/01/33
    0

    8544225          A06/G02             F           99,500.00         ZZ
                                         360         99,500.00          1
                                       6.500            628.91         95
                                       6.250            628.91
    DETROIT          MI   48205          1            03/12/03         11
    0435557319                           05           05/01/03         30
    021000020233604                      O            04/01/33
    0

    8544273          X51/G02             F          447,000.00         ZZ
                                         360        447,000.00          1
                                       6.000          2,679.99         78
                                       5.750          2,679.99
    STEVENSON RANCH  CA   91381          5            03/12/03         00
    0435558713                           05           05/01/03          0
    0030204002                           O            04/01/33
    0

    8544319          F36/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
                                       7.125            429.50         75
                                       6.875            429.50
    TACOMA           WA   98405          5            03/04/03         00
    0435558622                           05           05/01/03          0
    06405871                             N            04/01/33
    0

    8544333          F36/G02             F          193,500.00         ZZ
                                         360        193,500.00          1
1

                                       6.375          1,207.19         75
                                       6.125          1,207.19
    KIRKLAND         WA   98033          2            03/06/03         00
    0435545769                           05           05/01/03          0
    06406019                             N            04/01/33
    0

    8544373          H49/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.250          3,078.59         79
                                       6.000          3,078.59
    SCOTTSDALE       AZ   85262          1            03/17/03         00
    0435546155                           05           05/01/03          0
    35673076                             O            04/01/33
    0

    8544387          N47/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.375            935.80         41
                                       6.125            935.80
    NEWARK           CA   94560          5            03/07/03         00
    0435543541                           05           05/01/03          0
    20503291                             O            04/01/33
    0

    8544395          168/168             F           99,750.00         ZZ
                                         360         99,750.00          4
                                       7.000            663.64         91
                                       6.750            663.64
    BUFFALO          NY   14214          1            03/12/03         14
    0319379604                           05           05/01/03         25
    0319379604                           O            04/01/33
    0

    8544455          E40/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       6.125          1,124.08         43
                                       5.875          1,124.08
    MALDEN           MA   02148          5            03/10/03         00
    0435553060                           05           05/01/03          0
    545000261                            O            04/01/33
    0

    8544473          U35/G02             F          225,300.00         ZZ
                                         360        225,300.00          1
                                       6.375          1,405.58         80
                                       6.125          1,405.58
    BETTENDORF       IA   52722          5            03/17/03         00
    0435553128                           05           05/01/03          0
1

    0007834586                           O            04/01/33
    0

    8544503          T44/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       6.750            437.80         75
                                       6.500            437.80
    LOUISVILLE       KY   40219          5            03/11/03         00
    0435555156                           05           05/01/03          0
    1053782                              N            04/01/33
    0

    8544531          G51/G02             F          183,750.00         ZZ
                                         360        183,750.00          1
                                       6.375          1,146.36         75
                                       6.125          1,146.36
    JACKSONVILLE BE  FL   32250          5            03/12/03         00
    0435564984                           05           05/01/03          0
    25002180                             O            04/01/33
    0

    8544599          U05/G02             F          355,000.00         T
                                         360        355,000.00          1
                                       6.250          2,185.80         65
                                       6.000          2,185.80
    BEAR VALLEY      CA   95223          2            03/03/03         00
    0435554076                           03           05/01/03          0
    3314703                              O            04/01/33
    0

    8544709          E47/G02             F          248,000.00         ZZ
                                         360        247,770.30          1
                                       6.375          1,547.20         80
                                       6.125          1,547.20
    SAN ANTONIO      TX   78248          5            02/21/03         00
    0435638374                           05           04/01/03          0
    7329013200                           N            03/01/33
    0

    8544733          952/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.125          1,077.95         79
                                       6.875          1,077.95
    WEST MILFORD     NJ   07480          1            03/18/03         00
    0435566674                           05           05/01/03          0
    20027545                             N            04/01/33
    0

1

    8544749          944/G02             F          402,000.00         ZZ
                                         360        402,000.00          1
                                       6.375          2,507.96         78
                                       6.125          2,507.96
    ORINDA           CA   94563          5            03/13/03         00
    0435552583                           05           05/01/03          0
    W02043225                            O            04/01/33
    0

    8544895          W40/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.625            864.42         90
                                       6.375            864.42
    WESTLAND         MI   48186          2            03/14/03         10
    0435559851                           05           05/01/03         25
    100018645                            O            04/01/33
    0

    8544941          A21/G02             F          401,600.00         ZZ
                                         360        401,600.00          1
                                       6.250          2,472.73         80
                                       6.000          2,472.73
    HONOLULU         HI   96818          1            03/13/03         00
    0435558259                           05           05/01/03          0
    0810109767                           O            04/01/33
    0

    8545281          E82/G02             F           80,200.00         ZZ
                                         360         80,200.00          1
                                       6.625            513.53         49
                                       6.375            513.53
    FEDERAL WAY      WA   98003          2            03/21/03         00
    0400800876                           05           05/01/03          0
    0400800876                           N            04/01/33
    0

    8545287          E82/G02             F           66,800.00         ZZ
                                         360         66,800.00          2
                                       7.125            450.04         76
                                       6.875            450.04
    FORT WORTH       TX   76133          2            03/12/03         00
    0400790135                           05           05/01/03          0
    0400790135                           N            04/01/33
    0

    8545289          E82/G02             F           66,400.00         ZZ
                                         360         66,400.00          2
                                       7.125            447.35         77
                                       6.875            447.35
1

    FORT WORTH       TX   76133          2            03/12/03         00
    0400790143                           05           05/01/03          0
    0400790143                           N            04/01/33
    0

    8545303          E82/G02             F          201,000.00         ZZ
                                         360        201,000.00          1
                                       6.125          1,221.30         75
                                       5.875          1,221.30
    HOWELL           MI   48843          5            03/19/03         00
    0400795936                           05           05/01/03          0
    0400795936                           O            04/01/33
    0

    8545309          E82/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       6.500            398.20         89
                                       6.250            398.20
    BELEN            NM   87002          2            03/18/03         10
    0400789715                           03           05/01/03         25
    0400789715                           O            04/01/33
    0

    8545321          E82/G02             F           81,500.00         ZZ
                                         360         81,500.00          1
                                       6.125            495.20         70
                                       5.875            495.20
    WINDSOR          CT   06095          2            03/18/03         00
    0400786893                           05           05/01/03          0
    0400786893                           O            04/01/33
    0

    8545367          E22/G02             F          149,500.00         ZZ
                                         360        149,500.00          1
                                       6.625            957.26         50
                                       6.375            957.26
    SPRINGFIELD      VA   22151          2            03/20/03         00
    0415939958                           05           05/01/03          0
    0415939958                           N            04/01/33
    0

    8545371          E22/G02             F          318,350.00         ZZ
                                         360        318,350.00          1
                                       6.375          1,986.09         75
                                       6.125          1,986.09
    (OJAI AREA)      CA   93023          1            03/03/03         00
    0415975374                           05           05/01/03          0
    0415975374                           N            04/01/33
    0
1

    8545413          E22/G02             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       6.250          1,502.35         80
                                       6.000          1,502.35
    NEVADA CITY      CA   95959          1            03/15/03         00
    0416172922                           05           05/01/03          0
    0416172922                           O            04/01/33
    0

    8545419          E22/G02             F           51,750.00         ZZ
                                         360         51,750.00          1
                                       7.125            348.65         90
                                       6.875            348.65
    OKLAHOMA CITY    OK   73109          2            03/17/03         04
    0416188753                           05           05/01/03         25
    0416188753                           N            04/01/33
    0

    8545437          E22/G02             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       5.750          2,596.90         75
                                       5.500          2,596.90
    ORANGE           CA   92863          5            03/11/03         00
    0416218741                           03           05/01/03          0
    0416218741                           O            04/01/33
    0

    8545465          E22/G02             F          217,500.00         ZZ
                                         360        217,500.00          1
                                       6.250          1,339.18         72
                                       6.000          1,339.18
    SANTA ANA        CA   92706          5            03/14/03         00
    0416286649                           05           05/01/03          0
    0416286649                           N            04/01/33
    0

    8545501          E82/G02             F           56,900.00         ZZ
                                         360         56,900.00          1
                                       6.625            364.34         68
                                       6.375            364.34
    INDEPENDENCE     MO   64050          2            03/10/03         00
    0400794814                           05           05/01/03          0
    0400794814                           N            04/01/33
    0

    8545535          E22/G02             F          316,000.00         ZZ
                                         360        316,000.00          1
1

                                       6.250          1,945.67         80
                                       6.000          1,945.67
    SALT LAKE CITY   UT   84121          5            03/13/03         00
    0416377273                           05           05/01/03          0
    0416377273                           O            04/01/33
    0

    8545553          E22/G02             F          354,400.00         ZZ
                                         360        354,400.00          1
                                       5.875          2,096.41         80
                                       5.625          2,096.41
    WATSONVILLE      CA   95076          1            03/14/03         00
    0416404655                           05           05/01/03          0
    0416404655                           O            04/01/33
    0

    8545559          E22/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
                                       6.125          1,057.24         80
                                       5.875          1,057.24
    SACRAMENTO       CA   95818          5            03/07/03         00
    0416412872                           05           05/01/03          0
    0416412872                           O            04/01/33
    0

    8545691          U35/G02             F           66,500.00         ZZ
                                         360         66,500.00          1
                                       6.375            414.87         84
                                       6.125            414.87
    LYNDON           IL   61261          2            03/18/03         01
    0435553409                           05           05/01/03         12
    0007810175                           O            04/01/33
    0

    8545739          T63/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       6.490          1,168.11         88
                                       6.240          1,168.11
    DIAMOND BAR      CA   91765          5            03/14/03         11
    0435637988                           01           05/01/03         25
    9272781                              O            04/01/33
    0

    8545937          A06/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.125          1,367.13         66
                                       5.875          1,367.13
    CANTON           MI   48188          2            03/12/03         00
    0435559679                           05           05/01/03          0
1

    1                                    O            04/01/33
    0

    8545981          X89/G02             F          115,650.00         ZZ
                                         360        115,532.09          1
                                       5.875            684.11         89
                                       5.625            684.11
    ADDISON          VT   05491          5            02/26/03         04
    0435564265                           05           04/01/03         25
    1010241132                           O            03/01/33
    0

    8545991          477/G02             F          184,960.00         ZZ
                                         360        184,960.00          1
                                       6.125          1,123.84         80
                                       5.875          1,123.84
    GILBERT          AZ   85296          1            03/05/03         00
    0435565197                           03           05/01/03          0
    238918                               O            04/01/33
    0

    8546013          K15/G02             F           99,600.00         ZZ
                                         300         99,600.00          1
                                       6.125            649.36         80
                                       5.875            649.36
    ALDEN            NY   14004          2            03/07/03         00
    0435557624                           05           05/01/03          0
    029505512497                         O            04/01/28
    0

    8546147          N34/G02             F          231,000.00         ZZ
                                         360        231,000.00          2
                                       6.625          1,479.12         80
                                       6.375          1,479.12
    CHICAGO          IL   60641          5            02/25/03         00
    0435553110                           05           05/01/03          0
    0677112                              O            04/01/33
    0

    8546163          K15/G02             F           87,800.00         ZZ
                                         240         87,800.00          1
                                       7.000            680.71         90
                                       6.750            680.71
    WATERLOO         NY   13165          5            03/10/03         41
    0435557293                           05           05/01/03         25
    027305512188                         O            04/01/23
    0

1

    8546239          N34/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.625          1,415.59         61
                                       7.375          1,415.59
    CHICAGO          IL   60625          5            03/21/03         00
    0435553102                           05           05/01/03          0
    0675240                              N            04/01/33
    0

    8546347          M18/G02             F          244,000.00         ZZ
                                         360        244,000.00          2
                                       6.500          1,542.25         69
                                       6.250          1,542.25
    SIGNAL HILL      CA   90755          2            03/10/03         00
    0435552898                           05           05/01/03          0
    980102333                            O            04/01/33
    0

    8546355          X67/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.375          2,807.41         70
                                       6.125          2,807.41
    SAN CLEMENTE     CA   92673          2            03/06/03         00
    0435553011                           05           05/01/03          0
    00283223                             O            04/01/33
    0

    8546409          K15/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
                                       6.250            997.46         64
                                       6.000            997.46
    LONG BEACH       CA   90805          5            03/07/03         00
    0435557723                           05           05/01/03          0
    024905507595                         O            04/01/33
    0

    8546493          K15/G02             F          195,900.00         ZZ
                                         360        195,900.00          1
                                       5.750          1,143.22         89
                                       5.500          1,143.22
    WILTON           NH   03086          2            03/10/03         41
    0435559869                           05           05/01/03         25
    033605512093                         O            04/01/33
    0

    8546733          738/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.250          2,462.87         79
                                       6.000          2,462.87
1

    SUWANEE          GA   30024          2            03/14/03         00
    0435558606                           03           05/01/03          0
    40822776                             O            04/01/33
    0

    8546737          738/G02             F          155,000.00         ZZ
                                         360        154,859.87          1
                                       6.500            979.71         56
                                       6.250            979.71
    MIAMI            FL   33176          5            02/21/03         00
    0435554233                           05           04/01/03          0
    40915023                             O            03/01/33
    0

    8546781          W08/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.250            831.22         90
                                       6.000            831.22
    MIAMI            FL   33196          1            03/19/03         10
    0435562467                           01           05/01/03         30
    032769MG                             O            04/01/33
    0

    8546895          K15/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.000            809.39         70
                                       5.750            809.39
    FALL RIVER       MA   02721          5            03/10/03         00
    0435557848                           05           05/01/03          0
    024005512579                         O            04/01/33
    0

    8546931          S27/G02             F          116,450.00         ZZ
                                         360        116,450.00          1
                                       6.875            765.00         95
                                       6.625            765.00
    KENOSHA          WI   53143          5            03/07/03         10
    0435567565                           05           05/01/03         30
    1830003487                           O            04/01/33
    0

    8547003          N47/G02             F          645,800.00         ZZ
                                         360        645,800.00          1
                                       6.125          3,923.95         72
                                       5.875          3,923.95
    SOUTH PASADENA   CA   91030          5            03/13/03         00
    0435574116                           05           05/01/03          0
    30502608                             O            04/01/33
    0
1

    8547007          U05/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.125          1,458.27        100
                                       5.875          1,458.27
    DEXTER           MI   48169          1            03/14/03         10
    0435557491                           05           05/01/03         35
    3310346                              O            04/01/33
    0

    8547065          M18/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.500          2,528.27         80
                                       6.250          2,528.27
    GRANADA HILLS    CA   91344          5            03/11/03         00
    0435561212                           05           05/01/03          0
    980102339                            O            04/01/33
    0

    8547151          E57/G02             F          225,000.00         ZZ
                                         360        225,000.00          2
                                       6.250          1,385.36         65
                                       6.000          1,385.36
    SIGNAL HILL      CA   90755          2            03/07/03         00
    0435571740                           05           05/01/03          0
    06014108                             O            04/01/33
    0

    8547215          N74/G02             F          155,750.00         ZZ
                                         360        155,598.62          1
                                       6.125            946.35         76
                                       5.875            946.35
    STAUNTON         VA   24401          2            03/13/03         00
    0435573977                           05           04/18/03          0
    0031949010                           O            03/18/33
    0

    8547261          N74/G02             F           67,000.00         ZZ
                                         360         67,000.00          1
                                       6.000            401.70         69
                                       5.750            401.70
    REIDSVILLE       NC   27320          5            03/17/03         00
    0435574645                           05           05/01/03          0
    0031970010                           O            04/01/33
    0

    8547291          N74/G02             F           92,800.00         ZZ
                                         360         92,800.00          1
1

                                       6.250            571.39         89
                                       6.000            571.39
    NORTH WILKESBOR  NC   28659          5            03/17/03         01
    0435574132                           05           05/01/03         25
    0031963010                           O            04/01/33
    0

    8547303          738/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.000          2,086.44         80
                                       5.750          2,086.44
    SAN ANTONIO      TX   78257          1            03/06/03         00
    0435555644                           03           05/01/03          0
    0040933885-0007                      O            04/01/33
    0

    8547487          G51/G02             F          116,250.00         T
                                         360        116,250.00          1
                                       6.500            734.78         75
                                       6.250            734.78
    INDIAN ROCKS BE  FL   33785          1            03/14/03         00
    0435572755                           20           05/01/03          0
    14000187                             O            04/01/33
    0

    8547561          144/144             F           46,000.00         ZZ
                                         360         45,914.57          1
                                       6.375            286.98         17
                                       6.125            286.98
    CATSKILL         NY   12414          1            01/28/03         00
    02TOBYJ                              05           03/01/03          0
    02TOBYJ                              O            02/01/33
    0

    8547711          W68/G02             F          148,500.00         ZZ
                                         360        148,368.98          4
                                       6.625            950.86         90
                                       6.375            950.86
    COLLEGE STATION  TX   77845          1            02/24/03         12
    0435552757                           05           04/01/03         25
    3021471                              N            03/01/33
    0

    8547735          U19/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.375          1,023.15         80
                                       6.125          1,023.15
    AURORA           CO   80010          5            03/21/03         00
    0435577564                           05           05/01/03          0
1

    33011146                             O            04/01/33
    0

    8548097          E22/G02             F          159,200.00         ZZ
                                         360        159,200.00          1
                                       6.250            980.22         80
                                       6.000            980.22
    SANBORTON        NH   03269          5            03/13/03         00
    0416304582                           05           05/01/03          0
    0416304582                           O            04/01/33
    0

    8548107          E22/G02             F          193,400.00         ZZ
                                         360        193,400.00          1
                                       6.250          1,190.80         70
                                       6.000          1,190.80
    WHEATON          IL   60187          1            03/21/03         00
    0416318780                           05           05/01/03          0
    0416318780                           O            04/01/33
    0

    8548267          E22/G02             F          188,800.00         ZZ
                                         360        188,800.00          3
                                       6.250          1,162.47         80
                                       6.000          1,162.47
    GREENACRES       FL   33463          1            03/21/03         00
    0416375988                           05           05/01/03          0
    0416375988                           N            04/01/33
    0

    8548271          E22/G02             F          238,500.00         ZZ
                                         360        238,500.00          4
                                       6.500          1,507.48         90
                                       6.250          1,507.48
    FONTANA          CA   92335          1            03/13/03         04
    0416380244                           05           05/01/03         25
    0416380244                           N            04/01/33
    0

    8548287          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          2
                                       6.000            629.53         40
                                       5.750            629.53
    ANN ARBOR        MI   48103          2            03/17/03         00
    0416392470                           05           05/01/03          0
    0416392470                           O            04/01/33
    0

1

    8548297          E22/G02             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       5.875          1,679.97         66
                                       5.625          1,679.97
    DEFOREST         WI   53532          2            03/17/03         00
    0416409662                           05           05/01/03          0
    0416409662                           O            04/01/33
    0

    8548299          E22/G02             F           80,500.00         ZZ
                                         360         80,500.00          1
                                       7.000            535.57         90
                                       6.750            535.57
    NAMPA            ID   83687          2            03/17/03         04
    0416410827                           05           05/01/03         25
    0416410827                           N            04/01/33
    0

    8548307          E22/G02             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       6.250          1,828.68         90
                                       6.000          1,828.68
    SANTEE           CA   92071          1            03/17/03         04
    0416415610                           05           05/01/03         25
    0416415610                           O            04/01/33
    0

    8548323          E22/G02             F           56,750.00         ZZ
                                         360         56,750.00          1
                                       6.000            340.24         78
                                       5.750            340.24
    MESQUITE         TX   75149          2            03/17/03         00
    0416428068                           05           05/01/03          0
    0416428068                           O            04/01/33
    0

    8548335          E22/G02             F          181,000.00         ZZ
                                         360        181,000.00          2
                                       6.375          1,129.20         73
                                       6.125          1,129.20
    BOUND BROOK      NJ   08805          5            03/21/03         00
    0416436731                           05           05/01/03          0
    0416436731                           N            04/01/33
    0

    8548369          E22/G02             F           86,625.00         ZZ
                                         360         86,625.00          1
                                       6.250            533.37         75
                                       6.000            533.37
1

    WHEATON          IL   60187          1            03/21/03         00
    0416479566                           01           05/01/03          0
    0416479566                           O            04/01/33
    0

    8548383          E22/G02             F          123,300.00         ZZ
                                         360        123,300.00          1
                                       6.625            789.50         80
                                       6.375            789.50
    VISALIA          CA   93291          1            03/17/03         00
    0416554889                           05           05/01/03          0
    0416554889                           N            04/01/33
    0

    8548387          E22/G02             F          123,300.00         ZZ
                                         360        123,300.00          2
                                       7.250            841.12         90
                                       7.000            841.12
    NEW ORLEANS      LA   70122          1            03/21/03         01
    0416600070                           05           05/01/03         25
    0416600070                           N            04/01/33
    0

    8548391          E22/G02             F           91,000.00         ZZ
                                         240         91,000.00          1
                                       6.500            678.47         43
                                       6.250            678.47
    PISCATAWAY       NJ   08854          2            03/17/03         00
    0415684471                           05           05/01/03          0
    0415684471                           O            04/01/23
    0

    8548445          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          2
                                       6.250            985.15         79
                                       6.000            985.15
    PLAINFIELD       NJ   07060          5            03/17/03         00
    0416093078                           05           05/01/03          0
    0416093078                           O            04/01/33
    0

    8548511          E22/G02             F          194,000.00         ZZ
                                         360        194,000.00          1
                                       6.125          1,178.76         23
                                       5.875          1,178.76
    ZEPHYR COVE      NV   89448          2            03/12/03         00
    0416183978                           05           05/01/03          0
    0416183978                           O            04/01/33
    0
1

    8548513          E22/G02             F          238,000.00         ZZ
                                         360        238,000.00          1
                                       6.625          1,523.94         79
                                       6.375          1,523.94
    PLANO            TX   75024          5            03/17/03         00
    0416186237                           03           05/01/03          0
    0416186237                           O            04/01/33
    0

    8548523          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       5.875          1,656.31         80
                                       5.625          1,656.31
    MONTGOMERY       AL   36117          5            03/17/03         00
    0416210698                           05           05/01/03          0
    0416210698                           O            04/01/33
    0

    8548553          E22/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
                                       7.750            618.98         80
                                       7.500            618.98
    WARREN           MI   48091          2            03/21/03         00
    0416238681                           05           05/01/03          0
    0416238681                           N            04/01/33
    0

    8548561          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
                                       5.875            910.97         49
                                       5.625            910.97
    NORTHBOROUGH     MA   01532          2            03/17/03         00
    0416241206                           05           05/01/03          0
    0416241206                           O            04/01/33
    0

    8548565          E22/G02             F          129,000.00         ZZ
                                         240        129,000.00          1
                                       6.125            933.52         70
                                       5.875            933.52
    DALLAS           TX   75248          5            03/17/03         00
    0416246973                           05           05/01/03          0
    0416246973                           O            04/01/23
    0

    8548569          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
1

                                       6.000            659.51         57
                                       5.750            659.51
    HAMILTON         AL   35570          1            03/21/03         00
    0416252807                           05           05/01/03          0
    0416252807                           O            04/01/33
    0

    8548573          E22/G02             F          184,200.00         ZZ
                                         360        184,200.00          1
                                       6.250          1,134.15         80
                                       6.000          1,134.15
    MURPHYS          CA   95247          1            03/17/03         00
    0416255917                           05           05/01/03          0
    0416255917                           O            04/01/33
    0

    8548593          E22/G02             F          135,704.00         ZZ
                                         360        135,704.00          1
                                       6.750            880.17         80
                                       6.500            880.17
    FORT COLLINS     CO   80525          5            03/21/03         00
    0416266823                           05           05/01/03          0
    0416266823                           N            04/01/33
    0

    8548645          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       5.875          1,088.43         73
                                       5.625          1,088.43
    CANBY            OR   97013          2            03/13/03         00
    0416298768                           05           05/01/03          0
    0416298768                           O            04/01/33
    0

    8548719          E82/G02             F           93,550.00         ZZ
                                         360         93,550.00          1
                                       6.125            568.42         78
                                       5.875            568.42
    BUNKER HILL      WV   25413          2            03/20/03         00
    0400798245                           03           05/01/03          0
    0400798245                           O            04/01/33
    0

    8548731          E82/G02             F           99,700.00         ZZ
                                         360         99,700.00          1
                                       6.000            597.75         70
                                       5.750            597.75
    SCHERTZ          TX   78154          2            03/20/03         00
    0400789228                           05           05/01/03          0
1

    0400789228                           O            04/01/33
    0

    8549793          J95/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.250            955.05         80
                                       7.000            955.05
    GLEN BURNIE      MD   21060          1            03/13/03         00
    0435567094                           05           05/01/03          0
    0042119859                           N            04/01/33
    0

    8550099          A06/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.000          2,218.34         62
                                       5.750          2,218.34
    WEST BLOOMFIELD  MI   48322          5            03/14/03         00
    0435561899                           05           05/01/03          0
    1000020302381                        O            04/01/33
    0

    8550133          B23/G02             F          216,600.00         ZZ
                                         360        216,600.00          4
                                       6.125          1,316.08         95
                                       5.875          1,316.08
    LOS ANGELES      CA   90023          1            03/05/03         10
    0435572003                           05           05/01/03         35
    80000160                             O            04/01/33
    0

    8550261          E11/G02             F          243,200.00         ZZ
                                         360        243,200.00          1
                                       6.500          1,537.19         80
                                       6.250          1,537.19
    WAYZATA          MN   55391          1            03/17/03         00
    0435563150                           05           05/01/03          0
    0003001054511                        N            04/01/33
    0

    8550291          L21/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       5.875            372.67         55
                                       5.625            372.67
    FAIRFAX          VA   22030          2            03/19/03         00
    0435563135                           01           05/01/03          0
    70302808                             O            04/01/33
    0

1

    8550315          A19/G02             F          220,500.00         ZZ
                                         360        220,500.00          2
                                       6.500          1,393.71         90
                                       6.250          1,393.71
    ROCHESTER        NH   03867          1            03/21/03         04
    0435618830                           05           05/01/03         25
    0312372                              N            04/01/33
    0

    8550333          X51/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       5.750          2,054.18         80
                                       5.500          2,054.18
    SAN DIEGO        CA   92115          5            03/15/03         00
    0435560487                           05           05/01/03          0
    0030304001                           O            04/01/33
    0

    8550351          420/G02             F          340,000.00         ZZ
                                         360        339,692.64          1
                                       6.500          2,149.03         80
                                       6.250          2,149.03
    SONOMA           CA   95476          5            02/28/03         00
    0435564745                           05           04/01/03          0
    72005195                             O            03/01/33
    0

    8550371          X67/G02             F          195,000.00         ZZ
                                         360        194,810.47          1
                                       6.125          1,184.84         80
                                       5.875          1,184.84
    MIDDLETOWN       CA   95461          5            02/27/03         00
    0435565486                           03           04/01/03          0
    00283733                             O            03/01/33
    0

    8550393          952/G02             F          441,000.00         ZZ
                                         360        441,000.00          1
                                       6.625          2,823.77         90
                                       6.375          2,823.77
    SAINT PETERSBUR  FL   33711          1            03/12/03         01
    0435563010                           05           05/01/03         25
    03001616                             O            04/01/33
    0

    8550397          U05/G02             F          400,000.00         ZZ
                                         360        399,611.23          1
                                       6.125          2,430.44         48
                                       5.875          2,430.44
1

    SANTA ROSA       CA   95404          5            02/24/03         00
    0435566773                           05           04/01/03          0
    3307242                              O            03/01/33
    0

    8550407          W53/G02             F          521,250.00         ZZ
                                         360        520,281.86          1
                                       6.375          3,251.93         75
                                       6.125          3,251.93
    IRVINE           CA   92612          5            01/24/03         00
    0435565106                           03           03/01/03          0
    1701100468                           O            02/01/33
    0

    8550411          952/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.375            998.19         68
                                       6.125            998.19
    OLD BRIDGE       NJ   08857          5            03/13/03         00
    0435558226                           05           05/01/03          0
    03001650                             O            04/01/33
    0

    8550413          E57/G02             F          624,000.00         ZZ
                                         360        624,000.00          1
                                       6.000          3,741.20         34
                                       5.750          3,741.20
    LA CANADA-FLINT  CA   91011          5            03/13/03         00
    0435565767                           05           05/01/03          0
    06014452                             O            04/01/33
    0

    8550417          U05/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.000          2,038.47         75
                                       5.750          2,038.47
    COSTA MESA       CA   92627          1            03/10/03         00
    0435568092                           05           05/01/03          0
    3309214                              O            04/01/33
    0

    8550485          U42/G02             F          201,765.00         ZZ
                                         360        201,765.00          1
                                       6.500          1,275.29         90
                                       6.250          1,275.29
    COLORADO SPRING  CO   80918          1            03/20/03         12
    0435565619                           05           05/01/03         25
    32300011                             O            04/01/33
    0
1

    8550629          K15/G02             F           52,900.00         T
                                         360         52,853.33          1
                                       6.625            338.72         92
                                       6.375            338.72
    PENSACOLA        FL   32507          2            02/28/03         41
    0435558457                           05           04/01/03         30
    009305507016                         O            03/01/33
    0

    8550749          T23/G02             F           86,530.00         ZZ
                                         360         86,530.00          1
                                       5.875            511.86         85
                                       5.625            511.86
    DETROIT          MI   48219          5            03/18/03         10
    0435565312                           05           05/01/03         12
    6164                                 O            04/01/33
    0

    8550901          225/G02             F          245,400.00         ZZ
                                         360        243,624.39          1
                                       6.750          1,591.66         80
                                       6.500          1,591.66
    PLANO            TX   75093          2            01/03/03         00
    0435571609                           03           03/01/03          0
    007429128                            O            02/01/33
    0

    8550925          225/G02             F          380,000.00         ZZ
                                         360        379,359.67          1
                                       6.875          2,496.33         80
                                       6.625          2,496.33
    SOUTH RIDING     VA   20152          1            01/31/03         00
    0435572730                           03           03/01/03          0
    006871752                            O            02/01/33
    0

    8550935          225/G02             F          381,600.00         ZZ
                                         360        381,271.45          1
                                       6.750          2,475.05         85
                                       6.500          2,475.05
    NORWALK          CT   06853          1            02/21/03         11
    0435564133                           05           04/01/03         12
    006876931                            O            03/01/33
    0

    8550937          225/G02             F          436,000.00         ZZ
                                         360        434,055.26          1
1

                                       6.625          2,791.76         80
                                       6.375          2,791.76
    PLACERVILLE      CA   95667          5            10/08/02         00
    0435563358                           05           12/01/02          0
    007411064                            O            11/01/32
    0

    8550941          225/G02             F          210,000.00         ZZ
                                         360        209,619.29          1
                                       6.500          1,327.34         20
                                       6.250          1,327.34
    CHARLOTTE        NC   28207          2            01/15/03         00
    0435572797                           05           03/01/03          0
    007421321                            O            02/01/33
    0

    8550953          225/G02             F          370,000.00         ZZ
                                         360        368,664.74          1
                                       7.375          2,555.50         80
                                       7.125          2,555.50
    WINFIELD         IL   60190          5            12/30/02         00
    0435571435                           05           02/01/03          0
    007432042                            O            01/01/33
    0

    8550967          225/G02             F          211,500.00         ZZ
                                         360        211,160.72          3
                                       7.125          1,424.92         90
                                       6.875          1,424.92
    JERSEY CITY      NJ   07304          1            01/31/03         10
    0435572979                           05           03/01/03         25
    007433483                            N            02/01/33
    0

    8550969          225/G02             F          126,000.00         ZZ
                                         360        125,382.95          3
                                       6.750            817.24         90
                                       6.500            817.24
    NEW HAVEN        CT   06513          1            01/17/03         11
    0435572888                           05           03/01/03         25
    007435992                            N            02/01/33
    0

    8552021          E22/G02             F          132,050.00         ZZ
                                         360        132,050.00          1
                                       6.500            834.65         95
                                       6.250            834.65
    SEMINARY         MS   39479          2            03/19/03         04
    0416006476                           05           05/01/03         25
1

    0416006476                           O            04/01/33
    0

    8552033          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       6.250          1,576.24         80
                                       6.000          1,576.24
    BRICK            NJ   08723          5            03/18/03         00
    0416048478                           05           05/01/03          0
    0416048478                           O            04/01/33
    0

    8552051          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       6.500            701.60         56
                                       6.250            701.60
    HURST            TX   76054          5            03/19/03         00
    0416158244                           05           05/01/03          0
    0416158244                           O            04/01/33
    0

    8552059          E82/G02             F          347,000.00         ZZ
                                         360        347,000.00          1
                                       7.250          2,367.15         74
                                       7.000          2,367.15
    ELLICOTT CITY    MD   21043          2            03/20/03         00
    0400763231                           03           05/01/03          0
    0400763231                           O            04/01/33
    0

    8552073          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.125            601.53         90
                                       5.875            601.53
    LUTZ             FL   33624          2            03/24/03         04
    0416184406                           07           05/01/03         25
    0416184406                           N            04/01/33
    0

    8552149          E22/G02             F          138,685.00         ZZ
                                         360        138,685.00          1
                                       6.000            831.49         95
                                       5.750            831.49
    SAINT CLAIR SHO  MI   48080          5            03/19/03         11
    0416214039                           05           05/01/03         30
    0416214039                           O            04/01/33
    0

1

    8552159          E22/G02             F          219,500.00         ZZ
                                         360        219,500.00          1
                                       6.375          1,369.39         80
                                       6.125          1,369.39
    TEWKSBURY        MA   01876          2            03/18/03         00
    0416253821                           05           05/01/03          0
    0416253821                           O            04/01/33
    0

    8552181          E22/G02             F          199,125.00         ZZ
                                         360        199,125.00          1
                                       6.250          1,226.05         73
                                       6.000          1,226.05
    FAIR OAKS        CA   95628          2            03/18/03         00
    0416258986                           05           05/01/03          0
    0416258986                           N            04/01/33
    0

    8552191          E82/G02             F          114,700.00         ZZ
                                         360        114,700.00          1
                                       6.125            696.93         56
                                       5.875            696.93
    AUSTIN           TX   78756          2            03/21/03         00
    0400785820                           05           05/01/03          0
    0400785820                           O            04/01/33
    0

    8552193          E22/G02             F          119,920.00         ZZ
                                         360        119,920.00          1
                                       6.125            728.65         80
                                       5.875            728.65
    PARMA            OH   44129          1            03/24/03         00
    0416267649                           01           05/01/03          0
    0416267649                           N            04/01/33
    0

    8552195          E22/G02             F           81,990.00         ZZ
                                         360         81,990.00          1
                                       6.625            524.99         90
                                       6.375            524.99
    BECKEMEYER       IL   62219          5            03/19/03         01
    0416271997                           05           05/01/03         25
    0416271997                           O            04/01/33
    0

    8552203          E22/G02             F           72,800.00         ZZ
                                         360         72,800.00          1
                                       6.875            478.24         80
                                       6.625            478.24
1

    HOUSTON          TX   77087          5            03/19/03         00
    0416275212                           05           05/01/03          0
    0416275212                           O            04/01/33
    0

    8552237          E22/G02             F          239,000.00         ZZ
                                         240        239,000.00          1
                                       6.000          1,712.27         69
                                       5.750          1,712.27
    PLANO            TX   75093          5            03/18/03         00
    0416291672                           03           05/01/03          0
    0416291672                           O            04/01/23
    0

    8552247          E22/G02             F          158,500.00         ZZ
                                         360        158,500.00          1
                                       6.000            950.29         80
                                       5.750            950.29
    WINCHENDON       MA   01475          5            03/18/03         00
    0416326627                           05           05/01/03          0
    0416326627                           O            04/01/33
    0

    8552251          E82/G02             F           63,150.00         ZZ
                                         360         63,150.00          1
                                       6.125            383.71         80
                                       5.875            383.71
    HEPHZIBAH        GA   30815          2            03/25/03         00
    0400789939                           05           05/01/03          0
    0400789939                           N            04/01/33
    0

    8552257          E22/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.125          2,090.18         80
                                       5.875          2,090.18
    TRACY            CA   95376          5            03/14/03         00
    0416330199                           05           05/01/03          0
    0416330199                           O            04/01/33
    0

    8552279          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.375          1,066.82         54
                                       6.125          1,066.82
    HASBROUCK HEIGH  NJ   07604          2            03/19/03         00
    0416337566                           05           05/01/03          0
    0416337566                           O            04/01/33
    0
1

    8552285          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       5.875          1,005.61         78
                                       5.625          1,005.61
    ROCHESTER HILLS  MI   48307          5            03/18/03         00
    0416344893                           05           05/01/03          0
    0416344893                           O            04/01/33
    0

    8552297          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       5.875            905.05         80
                                       5.625            905.05
    RIO VISTA        CA   94571          1            03/07/03         00
    0416358810                           05           05/01/03          0
    0416358810                           O            04/01/33
    0

    8552311          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.375            648.82         80
                                       6.125            648.82
    PERRY HALL       MD   21128          5            03/19/03         00
    0416408482                           09           05/01/03          0
    0416408482                           O            04/01/33
    0

    8552329          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.250            862.00         80
                                       6.000            862.00
    MIRAMAR          FL   33025          2            03/19/03         00
    0416434850                           05           05/01/03          0
    0416434850                           O            04/01/33
    0

    8552347          E22/G02             F          256,500.00         ZZ
                                         360        256,500.00          1
                                       7.125          1,728.09         75
                                       6.875          1,728.09
    ATLANTA          GA   30316          2            03/24/03         00
    0416470367                           05           05/01/03          0
    0416470367                           N            04/01/33
    0

    8552351          E22/G02             F          179,100.00         ZZ
                                         360        179,100.00          2
1

                                       6.750          1,161.64         90
                                       6.500          1,161.64
    SAINT PAUL       MN   55104          1            03/24/03         04
    0416471811                           05           05/01/03         25
    0416471811                           N            04/01/33
    0

    8552429          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.000          1,103.17         80
                                       5.750          1,103.17
    BUCKLEY          WA   98321          2            03/17/03         00
    0416142768                           05           05/01/03          0
    0416142768                           O            04/01/33
    0

    8552445          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       6.000          1,019.24         76
                                       5.750          1,019.24
    PUEBLO           CO   81007          2            03/19/03         00
    0416217578                           05           05/01/03          0
    0416217578                           O            04/01/33
    0

    8552453          E22/G02             F          255,200.00         ZZ
                                         360        255,200.00          1
                                       6.250          1,571.31         79
                                       6.000          1,571.31
    PLANO            TX   75025          2            03/19/03         00
    0416223154                           03           05/01/03          0
    0416223154                           O            04/01/33
    0

    8552467          E22/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       6.375            910.85         95
                                       6.125            910.85
    NORTH FORT MYER  FL   33917          5            03/18/03         04
    0416235836                           03           05/01/03         30
    0416235836                           O            04/01/33
    0

    8552483          E22/G02             F           79,500.00         ZZ
                                         360         79,500.00          1
                                       6.750            515.64         75
                                       6.500            515.64
    FARMINGTON       NM   87401          2            03/21/03         00
    0416248359                           05           05/01/03          0
1

    0416248359                           N            04/01/33
    0

    8552487          E22/G02             F           73,000.00         ZZ
                                         360         73,000.00          1
                                       6.000            437.67         52
                                       5.750            437.67
    LAKE WORTH       FL   33467          2            03/18/03         00
    0416294429                           09           05/01/03          0
    0416294429                           O            04/01/33
    0

    8552495          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.125          1,458.27         80
                                       5.875          1,458.27
    SANTA MARIA      CA   93454          5            03/18/03         00
    0416299808                           05           05/01/03          0
    0416299808                           O            04/01/33
    0

    8552499          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.250          1,083.66         80
                                       6.000          1,083.66
    HOUSTON          TX   77044          5            03/19/03         00
    0416301919                           03           05/01/03          0
    0416301919                           O            04/01/33
    0

    8552507          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       6.625            787.58         85
                                       6.375            787.58
    LENEXA           KS   66215          5            03/19/03         01
    0416306249                           09           05/01/03         12
    0416306249                           O            04/01/33
    0

    8552509          E22/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       6.375          1,154.16         70
                                       6.125          1,154.16
    LOMPOC           CA   93436          5            03/17/03         00
    0416309144                           05           05/01/03          0
    0416309144                           O            04/01/33
    0

1

    8552517          E22/G02             F          243,500.00         ZZ
                                         360        243,500.00          1
                                       6.000          1,459.91         58
                                       5.750          1,459.91
    EL CAJON         CA   92019          2            03/19/03         00
    0416314441                           05           05/01/03          0
    0416314441                           O            04/01/33
    0

    8552581          E22/G02             F          128,500.00         ZZ
                                         360        128,500.00          1
                                       6.125            780.78         77
                                       5.875            780.78
    AUSTIN           TX   78752          5            03/19/03         00
    0416397248                           05           05/01/03          0
    0416397248                           O            04/01/33
    0

    8552605          E47/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.125          1,336.74         80
                                       5.875          1,336.74
    PITTSBURG        CA   94565          5            03/05/03         00
    0435565460                           05           05/01/03          0
    7359513515                           O            04/01/33
    0

    8552615          Q31/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       6.125            771.67         70
                                       5.875            771.67
    FREDERICK        MD   21703          5            03/18/03         00
    0435571344                           05           05/01/03          0
    25996                                O            04/01/33
    0

    8552785          W77/G02             F           63,500.00         ZZ
                                         360         63,500.00          2
                                       6.375            396.16         64
                                       6.125            396.16
    SAN ANTONIO      TX   78213          1            03/04/03         00
    0435563580                           05           05/01/03          0
    W0302109                             N            04/01/33
    0

    8552787          408/G02             F          148,000.00         ZZ
                                         360        147,852.67          1
                                       6.000            887.33         80
                                       5.750            887.33
1

    BLUE SPRINGS     MO   64015          1            02/27/03         00
    0435571732                           03           04/01/03          0
    703033703                            O            03/01/33
    0

    8552815          H58/G02             F           80,400.00         ZZ
                                         360         80,327.32          1
                                       6.500            508.18         76
                                       6.250            508.18
    FRESNO           CA   93705          1            02/19/03         00
    0435557285                           05           04/01/03          0
    0000139102                           N            03/01/33
    0

    8552819          408/G02             F           90,560.00         ZZ
                                         360         90,476.12          1
                                       6.375            564.98         80
                                       6.125            564.98
    INDEPENDENCE     MO   64055          1            02/28/03         00
    0435569322                           05           04/01/03          0
    703033616                            O            03/01/33
    0

    8553135          K15/G02             F          121,000.00         ZZ
                                         360        121,000.00          1
                                       5.625            696.54         78
                                       5.375            696.54
    ADA              OH   45810          5            03/06/03         00
    0435564760                           05           05/01/03          0
    028505507144                         O            04/01/33
    0

    8553159          K21/G02             F          360,100.00         ZZ
                                         360        360,100.00          1
                                       5.750          2,101.45         80
                                       5.500          2,101.45
    FALLBROOK        CA   92028          2            03/13/03         00
    0435588843                           03           05/01/03          0
    02                                   O            04/01/33
    0

    8553161          M11/G02             F           93,750.00         ZZ
                                         360         93,750.00          1
                                       6.750            608.07         75
                                       6.500            608.07
    MAGNOLIA         TX   77355          1            03/04/03         00
    0435571492                           05           05/01/03          0
    13230208                             N            04/01/33
    0
1

    8553413          964/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.250          1,526.98         25
                                       6.000          1,526.98
    DANVILLE         CA   94506          2            03/01/03         00
    0435562145                           03           05/01/03          0
    348952                               O            04/01/33
    0

    8553417          964/G02             F          101,250.00         ZZ
                                         360        101,250.00          1
                                       6.125            615.21         74
                                       5.875            615.21
    AUBURN           WA   98001          5            03/03/03         00
    0435572490                           05           05/01/03          0
    350204                               O            04/01/33
    0

    8553429          964/G02             F          221,000.00         ZZ
                                         360        220,779.99          1
                                       6.000          1,325.01         71
                                       5.750          1,325.01
    PARKER           CO   80134          2            03/03/03         00
    0435564851                           03           04/01/03          0
    352171                               O            03/01/33
    0

    8553443          964/G02             F          169,000.00         ZZ
                                         360        169,000.00          1
                                       5.500            959.56         64
                                       5.250            959.56
    AURORA           CO   80013          2            03/04/03         00
    0435572102                           05           05/01/03          0
    331922                               O            04/01/33
    0

    8553449          964/G02             F          186,800.00         ZZ
                                         360        186,800.00          1
                                       6.125          1,135.02         71
                                       5.875          1,135.02
    ERIE             CO   80516          2            03/04/03         00
    0435590146                           03           05/01/03          0
    337086                               O            04/01/33
    0

    8553455          964/G02             F          165,500.00         ZZ
                                         360        165,500.00          1
1

                                       6.250          1,019.01         74
                                       6.000          1,019.01
    LITTLETON        CO   80127          2            03/07/03         00
    0435563770                           03           05/01/03          0
    318662                               N            04/01/33
    0

    8553481          964/G02             F          176,250.00         ZZ
                                         360        176,250.00          1
                                       6.250          1,085.20         75
                                       6.000          1,085.20
    COVINA           CA   91723          5            03/03/03         00
    0435569405                           05           05/01/03          0
    330170                               N            04/01/33
    0

    8553485          964/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       5.875          1,490.68         80
                                       5.625          1,490.68
    RIDGWAY          CO   81432          2            03/06/03         00
    0435563200                           05           05/01/03          0
    349621                               O            04/01/33
    0

    8553491          964/G02             F          126,000.00         ZZ
                                         360        126,000.00          2
                                       6.000            755.43         75
                                       5.750            755.43
    STOCKTON         CA   95203          5            03/01/03         00
    0435562095                           05           05/01/03          0
    356494                               O            04/01/33
    0

    8553495          964/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.000          1,486.89         53
                                       5.750          1,486.89
    GRASS VALLEY     CA   95945          5            02/28/03         00
    0435564240                           05           05/01/03          0
    345678                               O            04/01/33
    0

    8553499          964/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       6.000          1,588.81         56
                                       5.750          1,588.81
    SAN JOSE         CA   95123          2            02/26/03         00
    0435565122                           05           05/01/03          0
1

    348386                               O            04/01/33
    0

    8553503          964/G02             F          131,900.00         ZZ
                                         360        131,900.00          1
                                       5.875            780.24         80
                                       5.625            780.24
    LAS VEGAS        NV   89129          1            03/05/03         10
    0435565114                           05           05/01/03         30
    357619                               O            04/01/33
    0

    8553507          964/G02             F          173,000.00         ZZ
                                         360        173,000.00          1
                                       6.000          1,037.22         53
                                       5.750          1,037.22
    AUBURN           CA   95603          2            03/04/03         00
    0435593793                           05           05/01/03          0
    345925                               O            04/01/33
    0

    8553509          964/G02             F          231,000.00         ZZ
                                         360        231,000.00          1
                                       6.250          1,422.31         44
                                       6.000          1,422.31
    NEWARK           CA   94560          2            02/27/03         00
    0435561642                           05           05/01/03          0
    350060                               O            04/01/33
    0

    8553511          964/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       6.125            947.87         80
                                       5.875            947.87
    BEND             OR   97701          2            02/28/03         00
    0435570346                           05           05/01/03          0
    360194                               N            04/01/33
    0

    8553519          964/G02             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.125          3,159.58         70
                                       5.875          3,159.58
    LOS ANGELES      CA   90004          5            02/27/03         00
    0435562905                           05           05/01/03          0
    350425                               O            04/01/33
    0

1

    8553523          964/G02             F          322,000.00         ZZ
                                         360        321,679.45          1
                                       6.000          1,930.55         55
                                       5.750          1,930.55
    SAN JOSE         CA   95121          2            02/24/03         00
    0435566542                           05           04/01/03          0
    351515                               O            03/01/33
    0

    8553527          964/G02             F          190,000.00         ZZ
                                         360        189,801.63          1
                                       5.750          1,108.79         55
                                       5.500          1,108.79
    TAHOE VISTA      CA   96148          5            02/26/03         00
    0435569439                           03           04/01/03          0
    346444                               O            03/01/33
    0

    8553531          964/G02             F          111,800.00         ZZ
                                         360        111,691.34          1
                                       6.125            679.31         61
                                       5.875            679.31
    LAS VEGAS        NV   89110          2            02/27/03         00
    0435564414                           05           04/01/03          0
    347118                               O            03/01/33
    0

    8553543          964/G02             F          241,500.00         ZZ
                                         360        241,500.00          1
                                       5.875          1,428.56         75
                                       5.625          1,428.56
    SEATTLE          WA   98115          5            03/01/03         00
    0435572235                           05           05/01/03          0
    348460                               O            04/01/33
    0

    8553561          964/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.000          1,319.01         66
                                       5.750          1,319.01
    GROVER BEACH     CA   93433          5            03/04/03         00
    0435589841                           05           05/01/03          0
    348905                               O            04/01/33
    0

    8553565          964/G02             F          225,600.00         ZZ
                                         360        225,600.00          1
                                       6.125          1,370.77         80
                                       5.875          1,370.77
1

    RANCHO CUCAMONG  CA   91730          1            03/05/03         00
    0435563168                           05           05/01/03          0
    365101                               O            04/01/33
    0

    8553571          964/G02             F          134,500.00         ZZ
                                         360        134,359.57          1
                                       5.750            784.91         69
                                       5.500            784.91
    TYGH VALLEY      OR   97063          2            02/12/03         00
    0435587324                           05           04/01/03          0
    294154                               O            03/01/33
    0

    8553573          964/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.125            729.13         24
                                       5.875            729.13
    SAN ANSELMO      CA   94960          2            03/03/03         00
    0435567557                           05           05/01/03          0
    314929                               O            04/01/33
    0

    8553589          964/G02             F          270,000.00         ZZ
                                         360        269,743.81          1
                                       6.250          1,662.44         71
                                       6.000          1,662.44
    SAN DIMAS        CA   91773          5            02/19/03         00
    0435572995                           05           04/01/03          0
    335497                               O            03/01/33
    0

    8553595          964/G02             F          229,000.00         ZZ
                                         360        229,000.00          1
                                       6.625          1,466.31         79
                                       6.375          1,466.31
    SAMMAMISH        WA   98074          5            03/05/03         00
    0435565676                           05           05/01/03          0
    310410                               O            04/01/33
    0

    8553605          964/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       5.750            729.47         50
                                       5.500            729.47
    SANGER           CA   93657          5            03/05/03         00
    0435571989                           05           05/01/03          0
    329451                               O            04/01/33
    0
1

    8553611          964/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       5.375          1,713.51         49
                                       5.125          1,713.51
    BELLEVUE         WA   98005          2            03/03/03         00
    0435569397                           03           05/01/03          0
    330997                               O            04/01/33
    0

    8553615          M18/G02             F          217,500.00         ZZ
                                         360        217,500.00          1
                                       6.500          1,374.75         90
                                       6.250          1,374.75
    LONG BEACH       CA   90805          1            03/07/03         11
    0435566187                           05           05/01/03         25
    980102326                            O            04/01/33
    0

    8553623          964/G02             F          240,000.00         ZZ
                                         360        239,749.42          1
                                       5.750          1,400.58         67
                                       5.500          1,400.58
    ROCKLIN          CA   95765          2            02/25/03         00
    0435562046                           05           04/01/03          0
    331463                               O            03/01/33
    0

    8553643          964/G02             F          238,800.00         ZZ
                                         360        238,573.42          1
                                       6.250          1,470.33         60
                                       6.000          1,470.33
    FREMONT          CA   94538          2            02/25/03         00
    0435561535                           05           04/01/03          0
    345727                               O            03/01/33
    0

    8553659          964/G02             F          202,500.00         ZZ
                                         360        202,303.18          1
                                       6.125          1,230.41         75
                                       5.875          1,230.41
    NORTH HOLLYWOOD  CA   91606          5            02/21/03         00
    0435562236                           05           04/01/03          0
    338682                               O            03/01/33
    0

    8553663          964/G02             F          193,000.00         ZZ
                                         360        193,000.00          1
1

                                       6.000          1,157.13         62
                                       5.750          1,157.13
    HUNTINGTON BEAC  CA   92646          2            02/27/03         00
    0435564349                           01           05/01/03          0
    340256                               O            04/01/33
    0

    8553673          964/G02             F          197,000.00         ZZ
                                         360        197,000.00          1
                                       6.375          1,229.02         79
                                       6.125          1,229.02
    LAS VEGAS        NV   89123          5            03/03/03         00
    0435564174                           05           05/01/03          0
    357468                               O            04/01/33
    0

    8553699          964/G02             F          183,500.00         ZZ
                                         360        183,500.00          1
                                       6.125          1,114.97         44
                                       5.875          1,114.97
    SALINAS          CA   93907          5            02/27/03         00
    0435594049                           05           05/01/03          0
    350927                               O            04/01/33
    0

    8553713          964/G02             F          177,450.00         ZZ
                                         360        177,273.35          1
                                       6.000          1,063.90         33
                                       5.750          1,063.90
    YORBA LINDA      CA   92886          2            02/27/03         00
    0435564950                           05           04/01/03          0
    355039                               O            03/01/33
    0

    8553783          F89/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       5.875            520.55         78
                                       5.625            520.55
    LANCASTER        CA   93534          5            03/12/03         00
    0435562012                           01           05/01/03          0
    10628684                             N            04/01/33
    0

    8553787          E47/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.375          2,308.32         71
                                       6.125          2,308.32
    SAN JUAN CAPIST  CA   92675          1            03/12/03         00
    0435569256                           03           05/01/03          0
1

    7329030043                           N            04/01/33
    0

    8553825          420/G02             F          214,000.00         ZZ
                                         360        214,000.00          1
                                       6.125          1,300.29         63
                                       5.875          1,300.29
    SANTA ROSA       CA   95407          2            03/05/03         00
    0435568266                           05           05/01/03          0
    73000844                             O            04/01/33
    0

    8553843          U05/G02             F          375,250.00         ZZ
                                         360        375,250.00          1
                                       6.875          2,465.13         95
                                       6.625          2,465.13
    GLENN DALE       MD   20769          1            03/17/03         10
    0435573050                           05           05/01/03         30
    3305688                              O            04/01/33
    0

    8553845          964/G02             F           77,600.00         ZZ
                                         360         77,448.76          1
                                       6.125            471.51         80
                                       5.875            471.51
    SCOTTSDALE       AZ   85251          2            01/31/03         00
    0435557350                           01           03/01/03          0
    332897                               N            02/01/33
    0

    8553865          X31/G02             F          176,250.00         ZZ
                                         360        176,250.00          1
                                       6.375          1,099.57         77
                                       6.125          1,099.57
    JUNCTION CITY    OR   97448          5            03/12/03         00
    0435589759                           05           05/01/03          0
    59000364                             O            04/01/33
    0

    8553899          420/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.125            820.27         45
                                       5.875            820.27
    SANTA ROSA       CA   95407          5            03/07/03         00
    0435567029                           03           05/01/03          0
    73000453                             O            04/01/33
    0

1

    8553901          X31/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       6.000            755.43         79
                                       5.750            755.43
    LAS VEGAS        NV   89142          5            03/06/03         00
    0435583570                           05           05/01/03          0
    71000066                             O            04/01/33
    0

    8553909          K15/G02             F          171,700.00         ZZ
                                         360        171,700.00          1
                                       6.625          1,099.41         85
                                       6.375          1,099.41
    COVENTRY         RI   02831          5            03/11/03         41
    0435569702                           05           05/01/03         12
    029705507181                         O            04/01/33
    0

    8553931          U96/G02             F          239,900.00         ZZ
                                         360        239,900.00          1
                                       6.000          1,438.32         80
                                       5.750          1,438.32
    KAPOLEI          HI   96707          1            03/14/03         00
    0435564448                           03           05/01/03          0
    30300450                             N            04/01/33
    0

    8553935          W68/G02             F           46,800.00         ZZ
                                         360         46,759.71          1
                                       6.750            303.54         70
                                       6.500            303.54
    SAN LEON         TX   77539          2            02/27/03         00
    0435568068                           05           04/01/03          0
    3021771                              N            03/01/33
    0

    8553947          Q14/G02             F          217,000.00         ZZ
                                         360        217,000.00          1
                                       6.250          1,336.11         65
                                       6.000          1,336.11
    STILWELL         KS   66085          5            03/21/03         00
    0435569751                           05           05/01/03          0
    0000311903                           O            04/01/33
    0

    8553951          W40/G02             F          195,500.00         ZZ
                                         360        195,500.00          2
                                       6.500          1,235.69         85
                                       6.250          1,235.69
1

    COTTONWOOD       AZ   86326          5            03/19/03         10
    0435573993                           05           05/01/03         12
    100017883                            O            04/01/33
    0

    8553965          K15/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       6.875            538.68         85
                                       6.625            538.68
    MIDDLETOWN       CT   06457          5            03/10/03         41
    0435569777                           01           05/01/03         12
    037905507566                         O            04/01/33
    0

    8554089          B23/G02             F          200,000.00         ZZ
                                         360        200,000.00          2
                                       6.625          1,280.62         72
                                       6.375          1,280.62
    SOUTH GATE       CA   90280          5            03/17/03         00
    0435571294                           05           05/01/03          0
    80000359                             O            04/01/33
    0

    8554179          825/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         48
                                       5.625          2,957.69
    SILVERTHORNE     CO   80498          5            03/14/03         00
    0435568118                           05           05/01/03          0
    HAMMER05033                          O            04/01/33
    0

    8554213          E47/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       6.125          1,239.53         80
                                       5.875          1,239.53
    LOS ANGELES      CA   91504          2            03/03/03         00
    0435578174                           01           05/01/03          0
    7331014896                           O            04/01/33
    0

    8554541          E57/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.125          1,367.12         79
                                       5.875          1,367.12
    LA MIRADA        CA   90638          2            03/07/03         00
    0435568027                           05           05/01/03          0
    06014238                             N            04/01/33
    0
1

    8555097          E22/G02             F          109,250.00         ZZ
                                         360        109,250.00          1
                                       7.375            754.56         95
                                       7.125            754.56
    POMPANO BEACH    FL   33068          5            03/20/03         10
    0415905512                           05           05/01/03         30
    0415905512                           O            04/01/33
    0

    8555099          E22/G02             F          484,000.00         ZZ
                                         360        484,000.00          3
                                       6.875          3,179.54         80
                                       6.625          3,179.54
    PROVINCETOWN     MA   02657          1            03/26/03         00
    0415921139                           05           05/01/03          0
    0415921139                           N            04/01/33
    0

    8555101          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       6.250          1,046.72         78
                                       6.000          1,046.72
    FARMINGTON       NM   87401          5            03/21/03         00
    0415925981                           05           05/01/03          0
    0415925981                           O            04/01/33
    0

    8555113          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       6.250            748.10         74
                                       6.000            748.10
    MINNEAPOLIS      MN   55422          5            03/21/03         00
    0415993567                           05           05/01/03          0
    0415993567                           O            04/01/33
    0

    8555117          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       5.875            976.04         75
                                       5.625            976.04
    LOXAHATCHEE      FL   33470          2            03/21/03         00
    0416039410                           05           05/01/03          0
    0416039410                           O            04/01/33
    0

    8555173          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
1

                                       6.375          1,322.60         80
                                       6.125          1,322.60
    NEVADA CITY      CA   95959          5            03/19/03         00
    0416162873                           05           05/01/03          0
    0416162873                           O            04/01/33
    0

    8555175          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.125            972.18         80
                                       5.875            972.18
    AURORA           CO   80017          5            03/21/03         00
    0416163988                           05           05/01/03          0
    0416163988                           O            04/01/33
    0

    8555259          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.375            723.69         79
                                       6.125            723.69
    RICHMOND         TX   77469          5            03/18/03         00
    0416301661                           03           05/01/03          0
    0416301661                           O            04/01/33
    0

    8555283          E22/G02             F          183,200.00         ZZ
                                         360        183,200.00          2
                                       6.625          1,173.05         80
                                       6.375          1,173.05
    OLYMPIA          WA   98513          1            03/17/03         00
    0416334738                           05           05/01/03          0
    0416334738                           N            04/01/33
    0

    8555287          E22/G02             F          183,200.00         ZZ
                                         360        183,200.00          2
                                       6.625          1,173.05         80
                                       6.375          1,173.05
    OLYMPIA          WA   98513          1            03/17/03         00
    0416334951                           05           05/01/03          0
    0416334951                           N            04/01/33
    0

    8555319          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.250          1,108.29         80
                                       6.000          1,108.29
    ARVADA           CO   80004          1            03/25/03         00
    0416376952                           05           05/01/03          0
1

    0416376952                           N            04/01/33
    0

    8555343          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.125            704.83         80
                                       5.875            704.83
    OAK PARK         MI   48237          5            03/20/03         00
    0416392611                           05           05/01/03          0
    0416392611                           O            04/01/33
    0

    8555347          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.250            615.72         80
                                       6.000            615.72
    MORRILL          NE   69358          5            03/21/03         00
    0416395440                           05           05/01/03          0
    0416395440                           O            04/01/33
    0

    8555357          E22/G02             F          183,200.00         ZZ
                                         360        183,200.00          2
                                       6.625          1,173.05         80
                                       6.375          1,173.05
    OLYMPIA          WA   98513          1            03/19/03         00
    0416398873                           05           05/01/03          0
    0416398873                           N            04/01/33
    0

    8555415          E22/G02             F          149,350.00         ZZ
                                         360        149,350.00          1
                                       7.125          1,006.20         95
                                       6.875          1,006.20
    MIAMI            FL   33186          1            03/25/03         11
    0416475507                           05           05/01/03         30
    0416475507                           O            04/01/33
    0

    8555459          E22/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       6.375          1,721.88         80
                                       6.125          1,721.88
    MIDDLETON        ID   83644          2            03/21/03         00
    0415708254                           05           05/01/03          0
    0415708254                           O            04/01/33
    0

1

    8555467          E22/G02             F           77,500.00         ZZ
                                         360         77,500.00          1
                                       6.500            489.85         62
                                       6.250            489.85
    GORHAM           ME   04038          5            03/20/03         00
    0416064103                           05           05/01/03          0
    0416064103                           O            04/01/33
    0

    8555493          E22/G02             F          119,300.00         ZZ
                                         360        119,300.00          2
                                       5.750            696.20         75
                                       5.500            696.20
    SPOKANE          WA   99206          5            03/14/03         00
    0416100980                           05           05/01/03          0
    0416100980                           O            04/01/33
    0

    8555545          E22/G02             F          585,000.00         ZZ
                                         360        585,000.00          2
                                       6.125          3,554.52         75
                                       5.875          3,554.52
    SAN FRANCISCO    CA   94131          2            03/17/03         00
    0416196517                           05           05/01/03          0
    0416196517                           O            04/01/33
    0

    8555547          E22/G02             F          265,500.00         ZZ
                                         360        265,500.00          1
                                       6.625          1,700.03         90
                                       6.375          1,700.03
    EL PASO          TX   79924          1            03/25/03         01
    0416197804                           05           05/01/03         25
    0416197804                           O            04/01/33
    0

    8555575          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       6.750          1,323.14         80
                                       6.500          1,323.14
    LAFAYETTE        CO   80026          2            03/21/03         00
    0416207835                           05           05/01/03          0
    0416207835                           O            04/01/33
    0

    8555613          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       7.500            534.90         90
                                       7.250            534.90
1

    SAN JOAQUIN      CA   93660          1            03/11/03         04
    0416264190                           05           05/01/03         25
    0416264190                           N            04/01/33
    0

    8555719          E22/G02             F          124,800.00         ZZ
                                         360        124,800.00          1
                                       6.125            758.30         80
                                       5.875            758.30
    RIVERTON         UT   84065          2            03/20/03         00
    0416348043                           05           05/01/03          0
    0416348043                           O            04/01/33
    0

    8555749          E22/G02             F          156,000.00         ZZ
                                         240        156,000.00          1
                                       5.875          1,106.41         80
                                       5.625          1,106.41
    PENSACOLA        FL   32526          5            03/20/03         00
    0416355691                           05           05/01/03          0
    0416355691                           O            04/01/23
    0

    8555753          E22/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       6.000          1,822.63         76
                                       5.750          1,822.63
    WOODINVILLE      WA   98072          5            03/18/03         00
    0416356962                           05           05/01/03          0
    0416356962                           O            04/01/33
    0

    8555803          E22/G02             F          449,467.00         ZZ
                                         360        449,467.00          1
                                       5.875          2,658.77         80
                                       5.625          2,658.77
    VALLEJO          CA   94591          1            03/14/03         00
    0416404747                           05           05/01/03          0
    0416404747                           O            04/01/33
    0

    8555825          E22/G02             F          146,400.00         ZZ
                                         360        146,400.00          1
                                       6.500            925.35         80
                                       6.250            925.35
    CITRUS HEIGHTS   CA   95610          5            03/17/03         00
    0416411239                           05           05/01/03          0
    0416411239                           O            04/01/33
    0
1

    8555845          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.000          2,518.11         70
                                       5.750          2,518.11
    ANAHEIM          CA   92807          5            03/18/03         00
    0416420628                           03           05/01/03          0
    0416420628                           O            04/01/33
    0

    8555869          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.125            637.99         75
                                       5.875            637.99
    BEND             OR   97707          2            03/18/03         00
    0416454023                           03           05/01/03          0
    0416454023                           N            04/01/33
    0

    8555889          E22/G02             F          201,400.00         ZZ
                                         360        201,400.00          1
                                       6.375          1,256.47         95
                                       6.125          1,256.47
    DENVER           CO   80221          5            03/20/03         01
    0416465417                           05           05/01/03         30
    0416465417                           O            04/01/33
    0

    8555903          E22/G02             F          182,000.00         ZZ
                                         360        182,000.00          4
                                       6.500          1,150.36         80
                                       6.250          1,150.36
    SALEM            OR   97305          1            03/19/03         00
    0416503845                           05           05/01/03          0
    0416503845                           N            04/01/33
    0

    8555909          E22/G02             F          114,500.00         ZZ
                                         360        114,500.00          1
                                       6.000            686.49         78
                                       5.750            686.49
    VANCOUVER        WA   98664          5            03/19/03         00
    0416509271                           05           05/01/03          0
    0416509271                           O            04/01/33
    0

    8555919          E22/G02             F          221,000.00         ZZ
                                         360        221,000.00          1
1

                                       6.250          1,360.74         65
                                       6.000          1,360.74
    ANAHEIM          CA   92807          5            03/18/03         00
    0416528602                           05           05/01/03          0
    0416528602                           O            04/01/33
    0

    8555921          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.000          1,558.83         80
                                       5.750          1,558.83
    WAPATO           WA   98951          5            03/19/03         00
    0416529923                           05           05/01/03          0
    0416529923                           O            04/01/33
    0

    8555925          E22/G02             F          562,500.00         ZZ
                                         360        562,500.00          1
                                       6.000          3,372.47         75
                                       5.750          3,372.47
    GRANITE BAY      CA   95650          2            03/17/03         00
    0416544203                           05           05/01/03          0
    0416544203                           O            04/01/33
    0

    8555971          P67/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.250          3,078.59         80
                                       6.000          3,078.59
    NEWTON           MA   02465          5            03/22/03         00
    0435579909                           05           05/01/03          0
    676731                               O            04/01/33
    0

    8556725          F62/F62             F          163,500.00         ZZ
                                         360        163,500.00          1
                                       6.375          1,020.03         21
                                       6.125          1,020.03
    MIAMI            FL   33143          5            03/17/03         00
    32611                                05           05/01/03          0
    32611                                O            04/01/33
    0

    8556939          N47/G02             F          257,900.00         ZZ
                                         360        257,900.00          3
                                       6.125          1,567.03         58
                                       5.875          1,567.03
    SAN LEANDRO      CA   94578          5            03/11/03         00
    0435577184                           05           05/01/03          0
1

    20502631                             O            04/01/33
    0

    8556941          W35/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       6.750            337.28         70
                                       6.500            337.28
    KOKOMO           IN   46901          5            03/20/03         00
    0435571963                           05           05/01/03          0
    18436                                O            04/01/33
    0

    8556949          W08/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.250            714.23         80
                                       6.000            714.23
    MIAMI            FL   33147          5            03/25/03         00
    0435567912                           05           05/01/03          0
    022496MG                             O            04/01/33
    0

    8557023          F34/G02             F          139,980.00         ZZ
                                         360        139,980.00          1
                                       6.500            884.77         70
                                       6.250            884.77
    SALT LAKE CITY   UT   84108          2            03/13/03         00
    0435574868                           05           05/01/03          0
    45301049                             O            04/01/33
    0

    8557025          K15/G02             F          134,500.00         ZZ
                                         360        134,500.00          1
                                       5.875            795.62         78
                                       5.625            795.62
    LINCOLN          DE   19960          5            03/13/03         00
    0435576392                           05           05/01/03          0
    013805512135                         O            04/01/33
    0

    8557053          N74/G02             F          127,500.00         ZZ
                                         360        127,379.02          1
                                       6.250            785.04         85
                                       6.000            785.04
    LEWISVILLE       NC   27023          5            03/20/03         10
    0435575212                           05           04/25/03         12
    0032004010                           O            03/25/33
    0

1

    8557055          K15/G02             F          106,700.00         ZZ
                                         360        106,700.00          1
                                       6.125            648.32         80
                                       5.875            648.32
    MERRIMACK        NH   03054          5            03/20/03         00
    0435584651                           02           05/01/03          0
    033105511862                         O            04/01/33
    0

    8557185          H58/G02             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       6.000          1,516.86         80
                                       5.750          1,516.86
    TRACY            CA   95377          2            03/11/03         00
    0435586094                           05           05/01/03          0
    0000144092                           O            04/01/33
    0

    8557483          U05/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
                                       6.375          1,431.78         90
                                       6.125          1,431.78
    TACOMA           WA   98466          2            03/12/03         14
    0435571427                           05           05/01/03         25
    3324518                              O            04/01/33
    0

    8557499          U05/G02             F          370,500.00         ZZ
                                         360        370,139.89          1
                                       6.125          2,251.20         65
                                       5.875          2,251.20
    EL DORADO HILLS  CA   95762          5            02/26/03         00
    0435571997                           05           04/01/03          0
    3314191                              O            03/01/33
    0

    8557509          U05/G02             F          200,000.00         TX
                                         360        200,000.00          1
                                       6.000          1,199.10         55
                                       5.750          1,199.10
    TEXARKANA        TX   75503          5            03/13/03         00
    0435567110                           05           05/01/03          0
    3325841                              O            04/01/33
    0

    8557573          K15/G02             F          142,400.00         ZZ
                                         360        142,400.00          1
                                       6.250            876.78         80
                                       6.000            876.78
1

    PEMBROKE         NH   03275          5            03/18/03         00
    0435572748                           05           05/01/03          0
    033605512708                         O            04/01/33
    0

    8557581          K15/G02             F          187,000.00         ZZ
                                         360        187,000.00          1
                                       6.625          1,197.38         85
                                       6.375          1,197.38
    CENTRAL ISLIP    NY   11722          2            03/11/03         41
    0435577861                           05           05/01/03         12
    020705509842                         O            04/01/33
    0

    8557695          F62/F62             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.250            738.86         66
                                       6.000            738.86
    DAVIE            FL   33324          5            03/19/03         00
    MFCD3120                             07           05/01/03          0
    MFCD3120                             O            04/01/33
    0

    8557789          144/144             F          136,200.00         ZZ
                                         360        136,061.14          4
                                       5.875            805.67         62
                                       5.625            805.67
    KINGSTON         NY   12401          2            02/05/03         00
    160713248                            05           04/01/03          0
    160713248                            N            03/01/33
    0

    8557791          T29/G02             F          196,700.00         ZZ
                                         360        196,700.00          1
                                       6.125          1,195.17         78
                                       5.875          1,195.17
    PEORIA           AZ   85383          5            03/06/03         00
    0435597117                           03           05/01/03          0
    1530446                              O            04/01/33
    0

    8557865          B57/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.000            719.46         33
                                       5.750            719.46
    NORWALK          CA   90650          1            03/06/03         00
    0435570296                           05           05/01/03          0
    40000184                             O            04/01/33
    0
1

    8558055          E22/G02             F          191,250.00         ZZ
                                         360        191,250.00          1
                                       5.875          1,131.32         85
                                       5.625          1,131.32
    LAKE WORTH       FL   33467          1            03/27/03         01
    0416286359                           05           05/01/03         12
    0416286359                           O            04/01/33
    0

    8558071          E22/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       6.000            683.49         62
                                       5.750            683.49
    CHESAPEAKE       VA   23320          2            03/25/03         00
    0416310399                           03           05/01/03          0
    0416310399                           N            04/01/33
    0

    8558131          E22/G02             F           81,548.00         ZZ
                                         360         81,548.00          1
                                       6.000            488.92         79
                                       5.750            488.92
    RICHLAND         WA   99352          1            03/21/03         00
    0416398287                           05           05/01/03          0
    0416398287                           O            04/01/33
    0

    8558187          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.250          2,290.47         80
                                       6.000          2,290.47
    SAN JOSE         CA   95124          5            03/17/03         00
    0416530616                           05           05/01/03          0
    0416530616                           O            04/01/33
    0

    8558239          E22/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       6.000          1,067.20         76
                                       5.750          1,067.20
    GARDENA          CA   90247          5            03/19/03         00
    0416237386                           05           05/01/03          0
    0416237386                           O            04/01/33
    0

    8558245          E22/G02             F          227,695.00         ZZ
                                         360        227,695.00          1
1

                                       6.125          1,383.50         76
                                       5.875          1,383.50
    SYRACUSE         UT   84075          2            03/19/03         00
    0416258622                           05           05/01/03          0
    0416258622                           O            04/01/33
    0

    8558287          E82/G02             F          194,800.00         ZZ
                                         360        194,800.00          2
                                       6.500          1,231.27         64
                                       6.250          1,231.27
    STATEN ISLAND    NY   10306          2            03/28/03         00
    0400760039                           05           05/01/03          0
    0400760039                           N            04/01/33
    0

    8558297          E82/G02             F          259,300.00         ZZ
                                         360        259,300.00          1
                                       6.250          1,596.55         69
                                       6.000          1,596.55
    RENO             NV   89509          2            03/24/03         00
    0400798294                           05           05/01/03          0
    0400798294                           O            04/01/33
    0

    8558383          E82/G02             F          127,800.00         ZZ
                                         360        127,800.00          1
                                       6.125            776.53         68
                                       5.875            776.53
    NORWALK          CA   90650          2            03/21/03         00
    0400801874                           05           05/01/03          0
    0400801874                           O            04/01/33
    0

    8558397          E82/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       6.125            899.26         79
                                       5.875            899.26
    PORTLAND         OR   97202          2            03/24/03         00
    0400796835                           05           05/01/03          0
    0400796835                           O            04/01/33
    0

    8558855          K15/G02             F          319,500.00         ZZ
                                         360        319,500.00          2
                                       6.125          1,941.32         87
                                       5.875          1,941.32
    INWOOD           NY   11096          5            03/11/03         41
    0435572011                           05           05/01/03         25
1

    011205512427                         O            04/01/33
    0

    8558965          X91/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       5.750          1,167.15         44
                                       5.500          1,167.15
    HAIKU            HI   96708          5            03/13/03         00
    0435570221                           05           05/01/03          0
    804258                               O            04/01/33
    0

    8559377          825/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.375          2,370.71         80
                                       6.125          2,370.71
    NEWARK           CA   94560          5            03/25/03         00
    0435572953                           05           05/01/03          0
    HARTEAU                              O            04/01/33
    0

    8559411          M27/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       5.875          1,242.23         55
                                       5.625          1,242.23
    EFLAND           NC   27243          2            03/17/03         00
    0435579594                           05           05/01/03          0
    100029138                            O            04/01/33
    0

    8559431          Q14/G02             F           99,300.00         ZZ
                                         360         99,300.00          1
                                       6.875            652.33         91
                                       6.625            652.33
    INDEPENDENCE     MO   64050          5            03/19/03         01
    0435583059                           05           05/01/03         30
    00003-12058                          O            04/01/33
    0

    8559589          Q14/G02             F          173,100.00         ZZ
                                         360        172,692.44          1
                                       7.250          1,180.85         90
                                       7.000          1,180.85
    PHOENIX          AZ   85043          1            12/23/02         01
    0435597299                           05           02/01/03         25
    0000210316                           O            01/01/33
    0

1

    8559591          P67/G02             F          141,500.00         ZZ
                                         360        141,500.00          3
                                       6.250            871.24         67
                                       6.000            871.24
    FITCHBURG        MA   01420          2            03/24/03         00
    0435580410                           05           05/01/03          0
    6518                                 O            04/01/33
    0

    8559623          K60/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.000            593.56         90
                                       5.750            593.56
    WICHITA          KS   67218          5            03/13/03         04
    0435578075                           05           05/01/03         25
    75598                                O            04/01/33
    0

    8559661          K60/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.625            512.25         76
                                       6.375            512.25
    GLADEWATER       TX   75647          2            03/19/03         00
    0435575196                           05           05/01/03          0
    0001045695                           O            04/01/33
    0

    8559781          A39/G02             F          624,000.00         ZZ
                                         360        624,000.00          1
                                       6.125          3,791.49         80
                                       5.875          3,791.49
    SIMI VALLEY      CA   93065          5            03/21/03         00
    0435581590                           03           05/01/03          0
    2300583RFC                           O            04/01/33
    0

    8559871          L20/G02             F          104,080.00         ZZ
                                         360        104,080.00          1
                                       6.000            624.01         78
                                       5.750            624.01
    CLINTON          UT   84015          1            03/25/03         00
    0435600960                           05           05/01/03          0
    1061070221                           O            04/01/33
    0

    8559891          U05/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.250          1,477.72         80
                                       6.000          1,477.72
1

    BELGRADE         MT   59714          5            03/10/03         00
    0435570106                           05           05/01/03          0
    3322483                              O            04/01/33
    0

    8559983          U05/G02             F          169,500.00         TX
                                         360        169,500.00          1
                                       6.125          1,029.90         80
                                       5.875          1,029.90
    FLOWER MOUND     TX   75028          5            03/13/03         00
    0435570254                           03           05/01/03          0
    3320399                              O            04/01/33
    0

    8560017          408/G02             F           98,000.00         ZZ
                                         360         97,909.23          1
                                       6.375            611.40        100
                                       6.125            611.40
    OKLAHOMA CITY    OK   73170          1            02/28/03         01
    0435575428                           05           04/01/03         35
    703033813                            O            03/01/33
    0

    8560069          E47/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.000          1,678.74         80
                                       5.750          1,678.74
    ALISO VIEJO      CA   92656          5            03/11/03         00
    0435568159                           01           05/01/03          0
    7331014972                           O            04/01/33
    0

    8560135          420/G02             F          202,400.00         ZZ
                                         360        202,400.00          1
                                       6.375          1,262.71         80
                                       6.125          1,262.71
    WALNUT CREEK     CA   94595          1            03/17/03         00
    0435572920                           01           05/01/03          0
    95300016                             O            04/01/33
    0

    8560143          U05/G02             F           77,500.00         ZZ
                                         360         77,500.00          1
                                       6.500            489.85         51
                                       6.250            489.85
    LONGVIEW         WA   98632          5            03/10/03         00
    0435579537                           05           05/01/03          0
    3320305                              O            04/01/33
    0
1

    8560149          975/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.000          2,068.45         80
                                       5.750          2,068.45
    FOUNTAIN VALLEY  CA   92708          5            03/03/03         00
    0435577531                           05           05/01/03          0
    2031068                              O            04/01/33
    0

    8560495          477/G02             F          210,400.00         ZZ
                                         360        210,400.00          1
                                       6.250          1,295.47         80
                                       6.000          1,295.47
    YORBA LINDA      CA   92886          5            03/04/03         00
    0435572375                           01           05/01/03          0
    235890                               O            04/01/33
    0

    8560541          X89/G02             F          247,000.00         ZZ
                                         360        247,000.00          1
                                       6.250          1,520.82         78
                                       6.000          1,520.82
    GARDEN GROVE     CA   92840          5            03/15/03         00
    0435595384                           05           05/01/03          0
    1010241947                           O            04/01/33
    0

    8561667          E82/G02             F           72,100.00         T
                                         360         72,100.00          1
                                       6.125            438.09         49
                                       5.875            438.09
    CAVE CREEK       AZ   85331          2            03/24/03         00
    0400766838                           05           05/01/03          0
    0400766838                           O            04/01/33
    0

    8561675          E82/G02             F          102,500.00         T
                                         360        102,500.00          1
                                       6.125            622.80         49
                                       5.875            622.80
    NEVADA CITY      CA   95959          2            03/26/03         00
    0400793394                           05           05/01/03          0
    0400793394                           O            04/01/33
    0

    8561679          E82/G02             F          108,800.00         ZZ
                                         360        108,800.00          1
1

                                       6.250            669.90         80
                                       6.000            669.90
    ASHEVILLE        NC   28805          5            03/25/03         00
    0400781522                           05           05/01/03          0
    0400781522                           O            04/01/33
    0

    8561691          E82/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
                                       6.125            379.15         62
                                       5.875            379.15
    SHARON           SC   29742          2            03/26/03         00
    0400800892                           05           05/01/03          0
    0400800892                           O            04/01/33
    0

    8561711          E82/G02             F          377,600.00         ZZ
                                         360        377,600.00          4
                                       6.750          2,449.11         87
                                       6.500          2,449.11
    CHICAGO          IL   60639          2            03/21/03         04
    0400787727                           05           05/01/03         25
    0400787727                           O            04/01/33
    0

    8561985          W02/G02             F           92,150.00         ZZ
                                         360         92,150.00          1
                                       6.625            590.05         95
                                       6.375            590.05
    ORMOND BEACH     FL   32174          5            03/19/03         12
    0435578893                           05           05/01/03         30
    1002090875                           O            04/01/33
    0

    8562493          962/G02             F          120,600.00         ZZ
                                         360        120,600.00          2
                                       7.000            802.35         90
                                       6.750            802.35
    FARGO            ND   58103          2            03/31/03         04
    0435581947                           05           05/01/03         25
    1                                    N            04/01/33
    0

    8562497          W93/G02             F          119,484.00         ZZ
                                         360        119,484.00          1
                                       6.000            716.37         80
                                       5.750            716.37
    BOISE            ID   83709          1            03/13/03         00
    0435577077                           03           05/01/03          0
1

    60450840                             O            04/01/33
    0

    8562501          S11/G02             F          170,400.00         ZZ
                                         360        170,400.00          1
                                       6.250          1,049.18         80
                                       6.000          1,049.18
    APPLE VALLEY     CA   92307          5            03/11/03         00
    0435577341                           05           05/01/03          0
    10211121                             O            04/01/33
    0

    8562505          W93/G02             F          173,600.00         ZZ
                                         360        173,600.00          1
                                       6.500          1,097.27         80
                                       6.250          1,097.27
    GOLD CANYON      AZ   85218          1            03/06/03         00
    0435576525                           03           05/01/03          0
    88431263                             O            04/01/33
    0

    8562509          W40/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.000            899.33         67
                                       5.750            899.33
    SCOTTSDALE       AZ   85254          5            03/20/03         00
    0435602628                           05           05/01/03          0
    100018656                            O            04/01/33
    0

    8562511          W93/G02             F           82,800.00         ZZ
                                         360         82,800.00          1
                                       6.250            509.82         80
                                       6.000            509.82
    MESA             AZ   85201          1            03/12/03         00
    0435577150                           01           05/01/03          0
    88431309                             O            04/01/33
    0

    8562515          W93/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       6.750            609.69         80
                                       6.500            609.69
    ESPANOLA         NM   87532          1            03/07/03         00
    0435577408                           05           05/01/03          0
    35436800                             O            04/01/33
    0

1

    8562523          W93/G02             F          135,200.00         ZZ
                                         360        135,077.77          1
                                       6.500            854.56         80
                                       6.250            854.56
    BOISE            ID   83706          1            03/04/03         00
    0435576723                           05           04/01/03          0
    59445418                             O            03/01/33
    0

    8562555          L20/G02             F          109,200.00         ZZ
                                         360        109,200.00          1
                                       6.000            654.71         80
                                       5.750            654.71
    WEST HAVEN       UT   84401          1            03/26/03         00
    0435571815                           05           05/01/03          0
    1061070237                           O            04/01/33
    0

    8562573          950/G02             F          217,600.00         ZZ
                                         360        217,600.00          1
                                       6.625          1,393.32         80
                                       6.375          1,393.32
    SEATTLE          WA   98106          2            03/07/03         00
    0435577994                           05           05/01/03          0
    E132009                              O            04/01/33
    0

    8562605          P48/G02             F          138,000.00         ZZ
                                         360        138,000.00          1
                                       6.500            872.25         88
                                       6.250            872.25
    PRESCOTT         WI   54021          5            03/26/03         01
    0435591797                           05           05/01/03         25
    11284531                             O            04/01/33
    0

    8562617          B28/G02             F          128,350.00         ZZ
                                         360        128,350.00          1
                                       6.875            843.17         68
                                       6.625            843.17
    WESTMINSTER      CO   80234          1            03/13/03         00
    0435574025                           01           05/01/03          0
    02100157                             O            04/01/33
    0

    8562695          N47/G02             F          506,500.00         ZZ
                                         360        506,500.00          1
                                       6.125          3,077.55         70
                                       5.875          3,077.55
1

    SAN CARLOS       CA   94070          5            03/14/03         00
    0435606736                           05           05/01/03          0
    20504052                             O            04/01/33
    0

    8562799          X60/G02             F          195,800.00         ZZ
                                         360        195,800.00          1
                                       5.875          1,158.23         80
                                       5.625          1,158.23
    SEATTLE          WA   98146          5            03/13/03         00
    0435578505                           05           05/01/03          0
    1030289                              O            04/01/33
    0

    8562939          N47/G02             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       6.125          2,965.14         72
                                       5.875          2,965.14
    WALNUT CREEK     CA   94597          2            03/20/03         00
    0435669668                           05           05/01/03          0
    30502746                             O            04/01/33
    0

    8562957          B28/G02             F           50,700.00         ZZ
                                         360         50,700.00          1
                                       6.875            333.07         65
                                       6.625            333.07
    SPOKANE          WA   99205          5            03/19/03         00
    0435577515                           05           05/01/03          0
    04701025                             O            04/01/33
    0

    8565021          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.000          1,199.10         80
                                       5.750          1,199.10
    LOS ANGELES      CA   90032          5            03/24/03         00
    0416303162                           05           05/01/03          0
    0416303162                           O            04/01/33
    0

    8565025          E22/G02             F           94,300.00         ZZ
                                         360         94,300.00          1
                                       6.000            565.38         80
                                       5.750            565.38
    EAST WENATCHEE   WA   98802          1            03/17/03         00
    0416308112                           05           05/01/03          0
    0416308112                           O            04/01/33
    0
1

    8565029          E22/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
                                       6.000          1,001.25         56
                                       5.750          1,001.25
    MECHANICSVILLE   VA   23116          2            03/25/03         00
    0416310043                           03           05/01/03          0
    0416310043                           N            04/01/33
    0

    8565031          E22/G02             F          266,000.00         ZZ
                                         360        266,000.00          1
                                       6.375          1,659.49         70
                                       6.125          1,659.49
    TORRANCE         CA   90504          2            03/13/03         00
    0416310142                           05           05/01/03          0
    0416310142                           N            04/01/33
    0

    8565037          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.750          1,459.35         74
                                       6.500          1,459.35
    IRVINE           CA   92612          1            03/26/03         00
    0416317295                           01           05/01/03          0
    0416317295                           N            04/01/33
    0

    8565057          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       6.500            511.98         60
                                       6.250            511.98
    FOREST           VA   24551          1            03/28/03         00
    0416327229                           05           05/01/03          0
    0416327229                           O            04/01/33
    0

    8565079          E22/G02             F           95,500.00         ZZ
                                         360         95,500.00          1
                                       6.000            572.57         77
                                       5.750            572.57
    CANAL WINCHESTE  OH   43110          2            03/24/03         00
    0416351245                           05           05/01/03          0
    0416351245                           O            04/01/33
    0

    8565101          E22/G02             F          179,900.00         ZZ
                                         360        179,900.00          1
1

                                       6.250          1,107.68         60
                                       6.000          1,107.68
    AUSTIN           TX   78746          5            03/24/03         00
    0416362408                           05           05/01/03          0
    0416362408                           O            04/01/33
    0

    8565103          E22/G02             F           89,000.00         ZZ
                                         360         89,000.00          1
                                       6.000            533.60         71
                                       5.750            533.60
    EUSTIS           FL   32726          2            03/24/03         00
    0416362721                           05           05/01/03          0
    0416362721                           O            04/01/33
    0

    8565113          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.625            672.33         79
                                       6.375            672.33
    SARASOTA         FL   34231          5            03/24/03         00
    0416371250                           05           05/01/03          0
    0416371250                           O            04/01/33
    0

    8565115          E22/G02             F           78,400.00         ZZ
                                         360         78,400.00          1
                                       7.000            521.60         80
                                       6.750            521.60
    KNOXVILLE        TN   37938          2            03/28/03         00
    0416374775                           05           05/01/03          0
    0416374775                           N            04/01/33
    0

    8565153          E22/G02             F           26,400.00         ZZ
                                         360         26,400.00          1
                                       7.125            177.86         80
                                       6.875            177.86
    BOYNTON BEACH    FL   33435          1            03/28/03         00
    0416516139                           01           05/01/03          0
    0416416139                           O            04/01/33
    0

    8565189          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.125            668.37         56
                                       5.875            668.37
    CORAL SPRINGS    FL   33065          1            03/28/03         00
    0416435253                           05           05/01/03          0
1

    0416435253                           O            04/01/33
    0

    8565229          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.125          1,069.39         80
                                       5.875          1,069.39
    SACRAMENTO       CA   95816          1            03/18/03         00
    0416485282                           05           05/01/03          0
    0416485282                           O            04/01/33
    0

    8565303          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          2
                                       6.875            821.16         34
                                       6.625            821.16
    ELIZABETH        NJ   07206          5            03/28/03         00
    0416545200                           05           05/01/03          0
    0416545200                           N            04/01/33
    0

    8565313          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.625          1,728.84         90
                                       6.375          1,728.84
    BOCA RATON       FL   33496          1            03/28/03         04
    0416557908                           03           05/01/03         30
    0416557908                           O            04/01/33
    0

    8565335          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.500            663.67         82
                                       6.250            663.67
    AMARILLO         TX   79106          1            03/28/03         01
    0416604676                           05           05/01/03         12
    0416604676                           O            04/01/33
    0

    8565359          E22/G02             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       7.000          2,820.88         80
                                       6.750          2,820.88
    SAN FRANCISCO    CA   94115          1            03/25/03         00
    0416658284                           01           05/01/03          0
    0416658284                           O            04/01/33
    0

1

    8565409          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       5.875          1,585.32         80
                                       5.625          1,585.32
    DENVER           CO   80211          2            03/24/03         00
    0416105351                           05           05/01/03          0
    0416105351                           O            04/01/33
    0

    8565419          E22/G02             F          101,600.00         ZZ
                                         360        101,600.00          1
                                       6.125            617.33         80
                                       5.875            617.33
    IRVING           TX   76645          5            03/24/03         00
    0416131704                           05           05/01/03          0
    0416131704                           O            04/01/33
    0

    8565429          E22/G02             F          125,200.00         ZZ
                                         360        125,200.00          1
                                       6.250            770.88         75
                                       6.000            770.88
    AUSTIN           TX   78759          5            03/24/03         00
    0416151116                           05           05/01/03          0
    0416151116                           O            04/01/33
    0

    8565447          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       5.875            946.46         78
                                       5.625            946.46
    MIAMI            FL   33187          5            03/24/03         00
    0416190437                           05           05/01/03          0
    0416190437                           O            04/01/33
    0

    8565459          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       6.125          1,670.93         46
                                       5.875          1,670.93
    SOUTH LAKE TAHO  CA   96150          5            03/24/03         00
    0416208643                           05           05/01/03          0
    0416208643                           O            04/01/33
    0

    8565467          E22/G02             F          187,050.00         ZZ
                                         360        187,050.00          1
                                       6.625          1,197.70         79
                                       6.375          1,197.70
1

    KENNEDALE        TX   76060          2            03/24/03         00
    0416217917                           05           05/01/03          0
    0416217917                           O            04/01/33
    0

    8565611          W35/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       5.990            551.00         80
                                       5.740            551.00
    MARION           IN   46952          5            03/21/03         00
    0435581871                           05           05/01/03          0
    18476                                O            04/01/33
    0

    8565615          W35/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       6.000          1,175.12         79
                                       5.750          1,175.12
    LURAY            VA   22835          2            03/01/03         00
    0435582416                           05           05/01/03          0
    18161                                O            04/01/33
    0

    8565703          K15/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       6.500          1,175.65         79
                                       6.250          1,175.65
    VACAVILLE        CA   95687          5            03/20/03         00
    0435580618                           05           05/01/03          0
    039005507971                         O            04/01/33
    0

    8565707          E76/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       6.125          1,361.05         80
                                       5.875          1,361.05
    TALLAHASSEE      FL   32312          5            03/24/03         00
    0435591227                           05           05/01/03          0
    10022669                             O            04/01/33
    0

    8565967          962/G02             F           57,700.00         ZZ
                                         360         57,700.00          1
                                       7.000            383.88         80
                                       6.750            383.88
    FARGO            ND   58102          5            03/25/03         00
    0435578067                           05           05/01/03          0
    1                                    O            04/01/33
    0
1

    8566029          962/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       6.250            541.83         80
                                       6.000            541.83
    FARGO            ND   58102          5            03/31/03         00
    0435577598                           05           05/01/03          0
    1                                    N            04/01/33
    0

    8566031          W40/G02             F          126,255.00         ZZ
                                         360        126,255.00          1
                                       6.125            767.14         95
                                       5.875            767.14
    LIVONIA          MI   48152          1            03/21/03         10
    0435618574                           01           05/01/03         30
    100018656                            O            04/01/33
    0

    8566041          964/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.875          2,366.15         62
                                       5.625          2,366.15
    SANTA MARGARITA  CA   93453          5            03/06/03         00
    0435579172                           05           05/01/03          0
    307057                               O            04/01/33
    0

    8566043          964/G02             F          167,950.00         ZZ
                                         360        167,950.00          1
                                       5.750            980.11         70
                                       5.500            980.11
    LAS VEGAS        NV   89129          2            03/07/03         00
    0435581681                           05           05/01/03          0
    356866                               O            04/01/33
    0

    8566049          B57/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       6.375          1,671.97         80
                                       6.125          1,671.97
    VALENCIA         CA   91355          1            03/12/03         00
    0435598818                           03           05/01/03          0
    75000170                             O            04/01/33
    0

    8566061          964/G02             F          185,000.00         ZZ
                                         360        185,000.00          2
1

                                       6.125          1,124.08         79
                                       5.875          1,124.08
    RANCHO CORDOVA   CA   95670          5            03/04/03         00
    0435580626                           05           05/01/03          0
    325588                               O            04/01/33
    0

    8566073          964/G02             F          120,000.00         T
                                         360        120,000.00          1
                                       6.125            729.13         80
                                       5.875            729.13
    SACRAMENTO       CA   95825          5            03/12/03         00
    0435579933                           01           05/01/03          0
    345924                               O            04/01/33
    0

    8566091          964/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.125          2,369.68         68
                                       5.875          2,369.68
    FOLSOM           CA   95630          5            03/10/03         00
    0435579727                           05           05/01/03          0
    354635                               O            04/01/33
    0

    8566101          964/G02             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.375          2,545.39         80
                                       6.125          2,545.39
    HUNTINGTON BEAC  CA   92649          5            02/28/03         00
    0435581533                           05           05/01/03          0
    340853                               O            04/01/33
    0

    8566123          964/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       5.875          1,490.68         80
                                       5.625          1,490.68
    SAN LUIS OBISPO  CA   93401          1            03/14/03         00
    0435579628                           05           05/01/03          0
    369356                               O            04/01/33
    0

    8566127          964/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.000          1,127.15         79
                                       5.750          1,127.15
    MONTEVIEW        ID   83435          2            03/07/03         00
    0435579503                           05           05/01/03          0
1

    346442                               O            04/01/33
    0

    8566151          964/G02             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       6.375          3,930.38         75
                                       6.125          3,930.38
    SAN LUIS OBISPO  CA   93401          5            03/07/03         00
    0435580238                           05           05/01/03          0
    367167                               O            04/01/33
    0

    8566163          964/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       5.750          1,307.20         79
                                       5.500          1,307.20
    BEND             OR   97701          2            03/10/03         00
    0435629332                           03           05/01/03          0
    348767                               O            04/01/33
    0

    8566167          964/G02             F          109,000.00         ZZ
                                         360        109,000.00          1
                                       6.125            662.30         89
                                       5.875            662.30
    SUGARLAND        TX   77478          2            03/14/03         12
    0435581079                           03           05/01/03         25
    367880                               O            04/01/33
    0

    8566169          964/G02             F          243,700.00         ZZ
                                         360        243,700.00          1
                                       6.125          1,480.75         73
                                       5.875          1,480.75
    SANTA MARIA      CA   93454          5            03/01/03         00
    0435579297                           05           05/01/03          0
    349999                               O            04/01/33
    0

    8566179          964/G02             F          119,000.00         ZZ
                                         360        119,000.00          1
                                       6.000            713.47         70
                                       5.750            713.47
    MILWAUKIE        OR   97267          2            03/13/03         00
    0435579677                           05           05/01/03          0
    357235                               O            04/01/33
    0

1

    8566181          964/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.125            583.31         80
                                       5.875            583.31
    PORTLAND         OR   97211          2            03/10/03         00
    0435581194                           05           05/01/03          0
    352063                               N            04/01/33
    0

    8566183          940/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       6.125          1,130.16         65
                                       5.875          1,130.16
    CHINO            CA   91710          5            03/21/03         00
    0435601125                           05           05/01/03          0
    40030352                             N            04/01/33
    0

    8566187          964/G02             F          249,600.00         ZZ
                                         360        249,600.00          1
                                       6.375          1,557.18         80
                                       6.125          1,557.18
    ANAHEIM          CA   92806          1            03/10/03         00
    0435580998                           05           05/01/03          0
    352159                               O            04/01/33
    0

    8566331          964/G02             F          176,250.00         ZZ
                                         360        176,250.00          1
                                       5.875          1,042.59         75
                                       5.625          1,042.59
    CULVER           OR   97734          5            03/10/03         00
    0435581004                           05           05/01/03          0
    334498                               O            04/01/33
    0

    8566333          964/G02             F           81,000.00         ZZ
                                         360         81,000.00          2
                                       6.500            511.98         90
                                       6.250            511.98
    FRESNO           CA   93703          1            03/03/03         11
    0435629134                           05           05/01/03         25
    352557                               N            04/01/33
    0

    8566337          964/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
                                       5.875            754.21         75
                                       5.625            754.21
1

    YELM             WA   98597          5            03/11/03         00
    0435580741                           05           05/01/03          0
    337107                               O            04/01/33
    0

    8566359          964/G02             F          178,400.00         ZZ
                                         360        178,400.00          1
                                       6.375          1,112.98         80
                                       6.125          1,112.98
    CHANDLER         AZ   85248          2            03/05/03         00
    0435580659                           03           05/01/03          0
    346023                               O            04/01/33
    0

    8566361          964/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       6.000            869.35         77
                                       5.750            869.35
    PORTLAND         OR   97217          2            02/27/03         00
    0435582051                           05           05/01/03          0
    355378                               O            04/01/33
    0

    8566363          964/G02             F          217,000.00         ZZ
                                         360        217,000.00          1
                                       6.000          1,301.02         63
                                       5.750          1,301.02
    GRASS VALLEY     CA   95949          2            02/28/03         00
    0435579669                           05           05/01/03          0
    355395                               O            04/01/33
    0

    8566373          964/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       6.000          1,187.11         74
                                       5.750          1,187.11
    SEDONA           AZ   86336          2            03/10/03         00
    0435582770                           05           05/01/03          0
    349514                               O            04/01/33
    0

    8566405          964/G02             F          149,400.00         ZZ
                                         360        149,400.00          1
                                       5.750            871.86         90
                                       5.500            871.86
    LAS VEGAS        NV   89113          1            03/10/03         10
    0435579776                           05           05/01/03         25
    360989                               O            04/01/33
    0
1

    8566413          964/G02             F          136,500.00         ZZ
                                         360        136,500.00          1
                                       5.875            807.45         78
                                       5.625            807.45
    HENDERSON        NV   89012          2            03/05/03         00
    0435627252                           09           05/01/03          0
    361672                               O            04/01/33
    0

    8566427          964/G02             F          141,000.00         ZZ
                                         360        141,000.00          1
                                       5.875            834.07         54
                                       5.625            834.07
    LAS VEGAS        NV   89141          5            03/06/03         00
    0435583224                           03           05/01/03          0
    364334                               O            04/01/33
    0

    8566429          964/G02             F           83,500.00         ZZ
                                         360         83,500.00          1
                                       6.000            500.62         73
                                       5.750            500.62
    PHOENIX          AZ   85041          5            03/10/03         00
    0435580824                           05           05/01/03          0
    356728                               O            04/01/33
    0

    8566431          964/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       5.875            532.38         66
                                       5.625            532.38
    NAPERVILLE       IL   60563          1            03/14/03         00
    0435579446                           01           05/01/03          0
    364571                               O            04/01/33
    0

    8566433          964/G02             F          351,450.00         ZZ
                                         360        351,450.00          1
                                       6.000          2,107.12         95
                                       5.750          2,107.12
    SEATTLE          WA   98199          1            03/05/03         04
    0435635511                           05           05/01/03         30
    356760                               O            04/01/33
    0

    8566443          964/G02             F          114,750.00         ZZ
                                         360        114,750.00          1
1

                                       6.000            687.98         85
                                       5.750            687.98
    PORTLAND         OR   97220          5            03/06/03         10
    0435579404                           05           05/01/03         12
    369159                               O            04/01/33
    0

    8566451          964/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.375          2,013.23         59
                                       6.125          2,013.23
    FREMONT          CA   94555          2            02/28/03         00
    0435582127                           05           05/01/03          0
    320400                               O            04/01/33
    0

    8566455          964/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       6.000            929.30         57
                                       5.750            929.30
    DENVER           CO   80212          2            03/07/03         00
    0435582838                           05           05/01/03          0
    327348                               O            04/01/33
    0

    8566461          964/G02             F          251,000.00         ZZ
                                         360        251,000.00          1
                                       6.250          1,545.45         58
                                       6.000          1,545.45
    SANTA MARIA      CA   93455          5            03/05/03         00
    0435580709                           05           05/01/03          0
    337148                               O            04/01/33
    0

    8566467          964/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.000            959.28         69
                                       5.750            959.28
    LANGLEY          WA   98260          5            03/01/03         00
    0435581236                           03           05/01/03          0
    341696                               O            04/01/33
    0

    8566469          964/G02             F          245,000.00         ZZ
                                         360        245,000.00          1
                                       6.000          1,468.90         52
                                       5.750          1,468.90
    SAN LUIS OBISPO  CA   93401          2            03/03/03         00
    0435579750                           05           05/01/03          0
1

    341698                               O            04/01/33
    0

    8566473          964/G02             F          129,500.00         ZZ
                                         360        129,500.00          1
                                       5.875            766.04         70
                                       5.625            766.04
    AUBURN           WA   98002          5            03/04/03         00
    0435580683                           05           05/01/03          0
    350302                               O            04/01/33
    0

    8566483          964/G02             F          176,400.00         ZZ
                                         360        176,400.00          1
                                       6.250          1,086.13         90
                                       6.000          1,086.13
    LAS VEGAS        NV   89148          2            03/03/03         10
    0435581806                           03           05/01/03         25
    352026                               O            04/01/33
    0

    8566493          964/G02             F          301,000.00         ZZ
                                         360        301,000.00          1
                                       6.125          1,828.91         65
                                       5.875          1,828.91
    SAN FRANCISCO    CA   94112          2            03/04/03         00
    0435579743                           05           05/01/03          0
    353920                               O            04/01/33
    0

    8566495          964/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       5.750          1,883.19         61
                                       5.500          1,883.19
    CHESTERFIELD     MO   63017          2            03/07/03         00
    0435580444                           03           05/01/03          0
    355133                               O            04/01/33
    0

    8566537          964/G02             F          125,600.00         ZZ
                                         360        125,600.00          1
                                       5.500            713.14         80
                                       5.250            713.14
    GULFPORT         FL   33711          1            03/14/03         00
    0435581574                           05           05/01/03          0
    365449                               O            04/01/33
    0

1

    8566593          408/G02             F          187,425.00         ZZ
                                         360        187,425.00          2
                                       6.375          1,169.29         75
                                       6.125          1,169.29
    LEES SUMMIT      MO   64081          1            03/03/03         00
    0435581632                           09           05/01/03          0
    703033884                            N            04/01/33
    0

    8566625          642/G02             F          129,000.00         ZZ
                                         360        129,000.00          1
                                       6.500            815.37         59
                                       6.250            815.37
    STOCKTON         CA   95209          5            03/26/03         00
    0435580063                           03           05/01/03          0
    01208403                             N            04/01/33
    0

    8566913          N47/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.250          2,709.16         76
                                       6.000          2,709.16
    SAN MARCOS       CA   92069          5            03/25/03         00
    0435606025                           05           05/01/03          0
    30503351                             O            04/01/33
    0

    8567197          K15/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       5.750          1,663.18         80
                                       5.500          1,663.18
    ST PAUL          MN   55104          5            03/11/03         00
    0435578935                           05           05/01/03          0
    574                                  O            04/01/33
    0

    8567399          K15/G02             F          115,700.00         ZZ
                                         240        115,700.00          1
                                       6.625            871.16         49
                                       6.375            871.16
    MERRIMAC         MA   01860          5            03/24/03         00
    0435579289                           05           05/01/03          0
    007605512454                         O            04/01/23
    0

    8567703          M27/G02             F          381,000.00         ZZ
                                         360        381,000.00          1
                                       6.125          2,315.00         70
                                       5.875          2,315.00
1

    RALEIGH          NC   27608          2            03/24/03         00
    0435616180                           05           05/01/03          0
    0100019334                           O            04/01/33
    0

    8567901          E82/G02             F          203,600.00         ZZ
                                         360        203,600.00          1
                                       6.125          1,237.10         72
                                       5.875          1,237.10
    PORTLAND         OR   97219          2            03/25/03         00
    0400788071                           05           05/01/03          0
    0400788071                           O            04/01/33
    0

    8567915          E82/G02             F          122,000.00         ZZ
                                         360        122,000.00          1
                                       6.375            761.12         72
                                       6.125            761.12
    LOS BANOS        CA   93635          5            03/24/03         00
    0400761656                           05           05/01/03          0
    0400761656                           O            04/01/33
    0

    8568331          964/G02             F          187,900.00         ZZ
                                         360        187,900.00          1
                                       6.125          1,141.70         80
                                       5.875          1,141.70
    HILLSBORO        OR   97124          1            03/07/03         00
    0435599675                           05           05/01/03          0
    372828                               O            04/01/33
    0

    8568699          E82/G02             F          146,650.00         ZZ
                                         360        146,650.00          1
                                       6.500            926.93         50
                                       6.250            926.93
    PISMO BEACH      CA   93449          2            03/28/03         00
    0400809877                           05           05/01/03          0
    0400809877                           N            04/01/33
    0

    8568703          E82/G02             F          156,700.00         ZZ
                                         360        156,700.00          1
                                       6.500            990.45         47
                                       6.250            990.45
    GROVER BEACH     CA   93433          2            03/28/03         00
    0400810131                           05           05/01/03          0
    0400810131                           N            04/01/33
    0
1

    8568707          E82/G02             F          195,500.00         ZZ
                                         360        195,500.00          1
                                       6.500          1,235.69         38
                                       6.250          1,235.69
    PISMO BEACH      CA   93449          2            03/28/03         00
    0400810156                           05           05/01/03          0
    0400810156                           N            04/01/33
    0

    8568897          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.250            664.97         79
                                       6.000            664.97
    SEABROOK         TX   77586          5            03/25/03         00
    0416099000                           03           05/01/03          0
    0416099000                           O            04/01/33
    0

    8568907          E22/G02             F          215,000.00         ZZ
                                         360        215,000.00          1
                                       6.250          1,323.79         77
                                       6.000          1,323.79
    SAN JUAN CAPIST  CA   92675          2            03/17/03         00
    0416123149                           09           05/01/03          0
    0416123149                           O            04/01/33
    0

    8568909          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          2
                                       6.000            911.32         80
                                       5.750            911.32
    SARASOTA         FL   34236          5            03/25/03         00
    0416123875                           05           05/01/03          0
    0416123875                           O            04/01/33
    0

    8568919          E22/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       6.000          1,654.76         73
                                       5.750          1,654.76
    SUNLAND (L.A.)   CA   91040          2            03/17/03         00
    0416140168                           05           05/01/03          0
    0416140168                           O            04/01/33
    0

    8568929          E22/G02             F          584,000.00         ZZ
                                         360        584,000.00          1
1

                                       6.250          3,595.79         80
                                       6.000          3,595.79
    SAN JOSE         CA   95120          5            03/18/03         00
    0416155083                           05           05/01/03          0
    0416155083                           O            04/01/33
    0

    8568949          E22/G02             F          254,000.00         ZZ
                                         360        254,000.00          1
                                       6.125          1,543.33         68
                                       5.875          1,543.33
    NEVADA CITY      CA   95959          5            03/19/03         00
    0416220283                           05           05/01/03          0
    0416220283                           O            04/01/33
    0

    8568967          E22/G02             F          230,000.00         ZZ
                                         360        230,000.00          2
                                       6.250          1,416.15         52
                                       6.000          1,416.15
    STERLING         MA   01564          5            03/26/03         00
    0416238541                           05           05/01/03          0
    0416238541                           O            04/01/33
    0

    8568981          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.625            922.05         80
                                       6.375            922.05
    MIAMI            FL   33155          5            03/31/03         00
    0416293678                           05           05/01/03          0
    0416293678                           N            04/01/33
    0

    8569001          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.500            682.63         80
                                       6.250            682.63
    INDIAN HARBOUR   FL   32937          1            03/31/03         00
    0416305035                           05           05/01/03          0
    0416305035                           N            04/01/33
    0

    8569003          E22/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       6.500            594.14         80
                                       6.250            594.14
    LEANDER          TX   78641          5            03/26/03         00
    0416308005                           03           05/01/03          0
1

    0416308005                           O            04/01/33
    0

    8569013          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.125            850.65         56
                                       5.875            850.65
    HUEYTOWN         AL   35023          5            03/26/03         00
    0416313179                           05           05/01/03          0
    0416313179                           O            04/01/33
    0

    8569029          E22/G02             F          552,000.00         ZZ
                                         360        552,000.00          1
                                       6.000          3,309.52         80
                                       5.750          3,309.52
    SAMMAMISH        WA   98075          5            03/21/03         00
    0416355626                           03           05/01/03          0
    0416355626                           O            04/01/33
    0

    8569035          E22/G02             F          143,450.00         ZZ
                                         360        143,450.00          1
                                       6.000            860.06         95
                                       5.750            860.06
    HUNTSVILLE       AL   35801          5            03/25/03         04
    0416357937                           05           05/01/03         30
    0416357937                           O            04/01/33
    0

    8569091          E22/G02             F          138,800.00         ZZ
                                         360        138,800.00          1
                                       6.250            854.62         80
                                       6.000            854.62
    AUSTIN           TX   78745          5            03/26/03         00
    0416425338                           05           05/01/03          0
    0416425338                           O            04/01/33
    0

    8569103          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.750            882.09         80
                                       6.500            882.09
    LAKEWOOD         CO   80214          5            03/26/03         00
    0416432987                           05           05/01/03          0
    0416432987                           O            04/01/33
    0

1

    8569129          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
                                       6.125            874.96         80
                                       5.875            874.96
    GRAND JUNCTION   CO   81501          2            03/28/03         00
    0416451508                           05           05/01/03          0
    0416451508                           N            04/01/33
    0

    8569183          E22/G02             F          262,000.00         ZZ
                                         360        262,000.00          1
                                       6.625          1,677.61         70
                                       6.375          1,677.61
    ANTIOCH          CA   94531          2            03/18/03         00
    0416459667                           05           05/01/03          0
    0416459667                           N            04/01/33
    0

    8569255          E22/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
                                       6.125            641.64         80
                                       5.875            641.64
    PORTLAND         OR   97266          2            03/24/03         00
    0416525855                           05           05/01/03          0
    0416525855                           O            04/01/33
    0

    8569345          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       6.125            738.25         90
                                       5.875            738.25
    SALT LAKE CITY   UT   84118          2            03/13/03         04
    0416039626                           05           05/01/03         30
    0416039626                           O            04/01/33
    0

    8569401          E22/G02             F          213,600.00         ZZ
                                         360        213,600.00          1
                                       6.750          1,385.41         80
                                       6.500          1,385.41
    OKLAHOMA CITY    OK   73120          5            03/26/03         00
    0416196467                           05           05/01/03          0
    0416196467                           O            04/01/33
    0

    8569463          E22/G02             F          505,600.00         ZZ
                                         360        505,600.00          1
                                       6.125          3,072.08         80
                                       5.875          3,072.08
1

    NOVATO           CA   94947          2            03/20/03         00
    0416376937                           05           05/01/03          0
    0416376937                           O            04/01/33
    0

    8569511          E22/G02             F          167,200.00         ZZ
                                         360        167,200.00          1
                                       6.500          1,056.82         80
                                       6.250          1,056.82
    NOVI             MI   48375          2            03/25/03         00
    0416386936                           05           05/01/03          0
    0416386936                           O            04/01/33
    0

    8569553          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.000            659.51         74
                                       5.750            659.51
    SANTA FE         NM   87501          5            03/26/03         00
    0416249480                           01           05/01/03          0
    0416249480                           O            04/01/33
    0

    8569575          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       6.250            748.10         90
                                       6.000            748.10
    ALBANY           OR   97322          5            03/21/03         04
    0416264984                           05           05/01/03         25
    0416264984                           O            04/01/33
    0

    8569579          E22/G02             F          203,000.00         ZZ
                                         360        203,000.00          1
                                       6.125          1,233.45         80
                                       5.875          1,233.45
    WEST BLOOMFIELD  MI   48322          5            03/25/03         00
    0416272839                           05           05/01/03          0
    0416272839                           O            04/01/33
    0

    8569581          E22/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
                                       6.125            641.64         80
                                       5.875            641.64
    WINFIELD         MO   63389          5            03/26/03         00
    0416277895                           05           05/01/03          0
    0416277895                           O            04/01/33
    0
1

    8569583          E22/G02             F          169,600.00         ZZ
                                         360        169,600.00          1
                                       6.500          1,071.99         80
                                       6.250          1,071.99
    DALLAS           TX   75238          5            03/25/03         00
    0416278992                           05           05/01/03          0
    0416278992                           O            04/01/33
    0

    8569609          E22/G02             F          129,500.00         ZZ
                                         360        129,500.00          1
                                       6.000            776.42         93
                                       5.750            776.42
    HIALEAH GARDENS  FL   33018          2            03/26/03         11
    0416332906                           01           05/01/03         30
    0416332906                           O            04/01/33
    0

    8569621          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.250          1,526.98         80
                                       6.000          1,526.98
    SIMI VALLEY      CA   93065          5            03/22/03         00
    0416343432                           05           05/01/03          0
    0416343432                           O            04/01/33
    0

    8569693          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.000            899.33         47
                                       5.750            899.33
    SCOTTSDALE       AZ   85258          1            03/21/03         00
    0416413714                           03           05/01/03          0
    0416413714                           O            04/01/33
    0

    8569717          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.125          1,063.32         75
                                       5.875          1,063.32
    MASHPEE          MA   02649          5            03/26/03         00
    0416438091                           05           05/01/03          0
    0416438091                           O            04/01/33
    0

    8569739          E22/G02             F          141,900.00         ZZ
                                         360        141,900.00          1
1

                                       6.625            908.60         90
                                       6.375            908.60
    PORT ST. LUCIE   FL   34986          1            03/31/03         01
    0416444453                           03           05/01/03         25
    0416444453                           N            04/01/33
    0

    8569747          E22/G02             F          142,000.00         ZZ
                                         360        142,000.00          1
                                       7.000            944.73         95
                                       6.750            944.73
    HAYDEN           AL   35079          5            03/26/03         01
    0416446532                           05           05/01/03         30
    0416446532                           O            04/01/33
    0

    8569773          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.000          1,139.15         80
                                       5.750          1,139.15
    EL MONTE         CA   91732          5            03/24/03         00
    0416469161                           05           05/01/03          0
    0416469161                           O            04/01/33
    0

    8569785          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.125          1,093.70         90
                                       5.875          1,093.70
    WEST PALM BEACH  FL   33415          5            03/26/03         01
    0416474799                           05           05/01/03         25
    0416474799                           O            04/01/33
    0

    8569919          253/253             F          346,400.00         TX
                                         360        346,400.00          1
                                       6.250          2,132.85         80
                                       6.000          2,132.85
    FORT WORTH       TX   76179          5            03/06/03         00
    458804                               05           05/01/03          0
    458804                               O            04/01/33
    0

    8570675          W40/G02             F          158,500.00         ZZ
                                         360        158,500.00          1
                                       6.500          1,001.83         90
                                       6.250          1,001.83
    GRAND RAPIDS     MI   49508          2            03/26/03         01
    0435601703                           05           05/01/03         25
1

    102017838                            O            04/01/33
    0

    8571123          003/G02             F          149,600.00         ZZ
                                         360        149,471.19          3
                                       6.750            970.31         95
                                       6.500            970.31
    DANIA            FL   33004          1            02/26/03         12
    0435595624                           05           04/01/03         35
    0021963129                           O            03/01/33
    0

    8571227          P44/G02             F          181,000.00         ZZ
                                         360        181,000.00          3
                                       6.250          1,114.45         71
                                       6.000          1,114.45
    WORCESTER        MA   01610          5            03/26/03         00
    0435584065                           05           05/01/03          0
    592169380                            O            04/01/33
    0

    8571387          N47/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.500          2,528.27         53
                                       6.250          2,528.27
    SAN JOSE         CA   95129          5            03/25/03         00
    0435592340                           05           05/01/03          0
    20504189                             O            04/01/33
    0

    8571471          967/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       6.000            395.70         58
                                       5.750            395.70
    SUN VALLEY       ID   83353          2            03/20/03         00
    0435590773                           01           05/01/03          0
    6556112                              O            04/01/33
    0

    8571499          K15/G02             F          102,900.00         ZZ
                                         360        102,900.00          1
                                       6.375            641.96         67
                                       6.125            641.96
    KITTERY POINT    ME   03905          5            03/26/03         00
    0435581392                           05           05/01/03          0
    007605513058                         O            04/01/33
    0

1

    8571507          Y21/G02             F          240,000.00         ZZ
                                         360        240,000.00          2
                                       7.125          1,616.93         35
                                       6.875          1,616.93
    ENCINITAS        CA   92024          5            03/05/03         00
    0435580014                           05           05/01/03          0
    203100611                            N            04/01/33
    0

    8571513          U35/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
                                       6.750          1,238.82         71
                                       6.500          1,238.82
    VAN NUYS         CA   91331          5            03/28/03         00
    0435578208                           05           05/01/03          0
    11274268                             N            04/01/33
    0

    8571539          X67/G02             F          225,000.00         ZZ
                                         360        225,000.00          4
                                       6.875          1,478.09         75
                                       6.625          1,478.09
    POMONA           CA   91768          5            03/11/03         00
    0435609946                           05           05/01/03          0
    00283626                             O            04/01/33
    0

    8571561          W45/G02             F          155,200.00         ZZ
                                         360        155,200.00          1
                                       6.625            993.76         94
                                       6.375            993.76
    ORLANDO          FL   32824          5            03/26/03         27
    0435601729                           03           05/01/03         30
    02122317710                          O            04/01/33
    0

    8571607          K15/G02             F          260,100.00         ZZ
                                         360        260,100.00          1
                                       6.375          1,622.69         50
                                       6.125          1,622.69
    LAGUNA HILLS     CA   92653          2            03/25/03         00
    0435582689                           03           05/01/03          0
    025005508373                         O            04/01/33
    0

    8572027          N34/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       6.500          1,194.61         90
                                       6.250          1,194.61
1

    CHICAGO          IL   60639          1            03/31/03         10
    0435589973                           05           05/01/03         25
    0695228                              N            04/01/33
    0

    8572981          E82/G02             F          119,350.00         T
                                         360        119,350.00          1
                                       6.250            734.86         68
                                       6.000            734.86
    FRASER           CO   80442          2            04/01/03         00
    0400810966                           01           05/01/03          0
    0400810966                           O            04/01/33
    0

    8573191          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.875          1,478.09         74
                                       6.625          1,478.09
    BILLERICA        MA   01821          5            03/27/03         00
    0416101756                           05           05/01/03          0
    0416101756                           O            04/01/33
    0

    8573209          E22/G02             F           59,850.00         ZZ
                                         360         59,850.00          1
                                       7.250            408.28         95
                                       7.000            408.28
    WALLS            MS   38680          5            03/27/03         10
    0416214823                           05           05/01/03         30
    0416214823                           O            04/01/33
    0

    8573215          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       5.875          1,330.96         75
                                       5.625          1,330.96
    LAPEER           MI   48446          2            03/27/03         00
    0416229649                           05           05/01/03          0
    0416229649                           O            04/01/33
    0

    8573223          E22/G02             F           65,300.00         ZZ
                                         360         65,300.00          2
                                       6.500            412.74         70
                                       6.250            412.74
    OTSEGO           MI   49010          1            04/01/03         00
    0416241313                           05           05/01/03          0
    0416241313                           N            04/01/33
    0
1

    8573243          E22/G02             F          118,500.00         ZZ
                                         360        118,500.00          1
                                       6.500            749.00         77
                                       6.250            749.00
    GARLAND          TX   75044          2            03/28/03         00
    0416283331                           05           05/01/03          0
    0416283331                           N            04/01/33
    0

    8573265          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.250          1,329.95         71
                                       6.000          1,329.95
    HAWTHORNE        CA   90250          5            03/21/03         00
    0416333383                           05           05/01/03          0
    0416333383                           O            04/01/33
    0

    8573273          E22/G02             F           72,500.00         ZZ
                                         360         72,500.00          1
                                       6.500            458.25         72
                                       6.250            458.25
    PENSACOLA        FL   32514          5            03/27/03         00
    0416343135                           05           05/01/03          0
    0416343135                           O            04/01/33
    0

    8573323          E22/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       7.125            552.45         87
                                       6.875            552.45
    SPENCER          OK   73084          2            03/27/03         01
    0416422459                           05           05/01/03         25
    0416422459                           O            04/01/33
    0

    8573331          E22/G02             F          270,000.00         ZZ
                                         240        270,000.00          1
                                       6.125          1,953.88         80
                                       5.875          1,953.88
    GARDEN GROVE     CA   92844          5            03/26/03         00
    0416435733                           05           05/01/03          0
    0416435733                           O            04/01/23
    0

    8573333          E22/G02             F          179,200.00         ZZ
                                         360        179,200.00          1
1

                                       6.375          1,117.97         80
                                       6.125          1,117.97
    ARLINGTON        WA   98223          1            03/27/03         00
    0416439792                           05           05/01/03          0
    0416439792                           O            04/01/33
    0

    8573385          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.125          2,673.49         80
                                       5.875          2,673.49
    CAMARILLO        CA   93010          5            03/26/03         00
    0416490407                           05           05/01/03          0
    0416490407                           O            04/01/33
    0

    8573391          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          2
                                       7.125            835.41         80
                                       6.875            835.41
    FRASER           MI   48026          1            04/01/03         00
    0416500981                           05           05/01/03          0
    0416500981                           N            04/01/33
    0

    8573459          E22/G02             F          106,250.00         ZZ
                                         360        106,250.00          4
                                       7.125            715.83         85
                                       6.875            715.83
    ST. LOUIS        MO   63109          1            04/01/03         01
    0416608776                           05           05/01/03         12
    0416608776                           N            04/01/33
    0

    8573911          A39/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.250          3,232.52         74
                                       6.000          3,232.52
    SIMI VALLEY      CA   93065          5            03/21/03         00
    0435585500                           05           05/01/03          0
    2300495RFC                           O            04/01/33
    0

    8574151          U05/G02             F          505,000.00         TX
                                         360        505,000.00          1
                                       6.125          3,068.43         77
                                       5.875          3,068.43
    ALLEN            TX   75002          5            03/24/03         00
    0435584420                           05           05/01/03          0
1

    3327252                              O            04/01/33
    0

    8575155          950/G02             F          195,200.00         ZZ
                                         360        195,200.00          1
                                       6.500          1,233.80         80
                                       6.250          1,233.80
    REDDING          CA   96002          5            03/25/03         00
    0435588603                           05           05/01/03          0
    A532049                              O            04/01/33
    0

    8575835          E47/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.375          1,147.92         80
                                       6.125          1,147.92
    CITRUS HEIGHTS   CA   95610          1            03/19/03         00
    0435595277                           05           05/01/03          0
    7359513765                           O            04/01/33
    0

    8576007          S43/G02             F          130,500.00         ZZ
                                         360        130,500.00          4
                                       6.625            835.61         90
                                       6.375            835.61
    ALBUQUERQUE      NM   87107          1            03/28/03         04
    0435601513                           05           05/01/03         25
    0270113                              N            04/01/33
    0

    8576553          E47/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.000            719.46         80
                                       5.750            719.46
    TAMPA            FL   33613          2            03/24/03         00
    0435601471                           03           05/01/03          0
    7361013362                           O            04/01/33
    0

    8577053          U85/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
                                       6.250            921.11         80
                                       6.000            921.11
    EAGLE            WI   53119          1            03/27/03         00
    0435604624                           05           05/01/03          0
    TQS31                                O            04/01/33
    0

1

    8577103          X08/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.000          1,259.06         78
                                       5.750          1,259.06
    MIDWAY           UT   84049          2            03/25/03         00
    0435588066                           05           05/01/03          0
    2803711                              O            04/01/33
    0

    8577113          Q14/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.000            839.37         67
                                       5.750            839.37
    SOLON            IA   52333          5            03/28/03         00
    0435588686                           05           05/01/03          0
    0000311932                           O            04/01/33
    0

    8577189          420/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       6.250          1,453.09         80
                                       6.000          1,453.09
    SANTA ROSA       CA   95407          1            03/25/03         00
    0435593207                           05           05/01/03          0
    73000773                             N            04/01/33
    0

    8577681          R49/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
                                       6.625            763.25         80
                                       6.375            763.25
    HYATTSVILLE      MD   20785          5            03/25/03         00
    0435599121                           01           05/01/03          0
    SD03030030                           O            04/01/33
    0

    8578261          738/G02             F          234,000.00         ZZ
                                         360        234,000.00          1
                                       5.875          1,384.20         80
                                       5.625          1,384.20
    CARY             NC   27519          1            03/25/03         00
    0435586672                           03           05/01/03          0
    40995632                             O            04/01/33
    0

    8579821          S43/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
                                       6.250            921.11         80
                                       6.000            921.11
1

    ALBUQUERQUE      NM   87113          2            03/26/03         00
    0435597133                           03           05/01/03          0
    953101                               O            04/01/33
    0

    8579895          X51/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.125          2,096.26         80
                                       5.875          2,096.26
    CASTAIC          CA   91384          5            03/25/03         00
    0435581210                           05           05/01/03          0
    0030225004                           O            04/01/33
    0

    8579901          Q87/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       5.875          1,183.08         52
                                       5.625          1,183.08
    AMISSVILLE       VA   20106          5            03/27/03         00
    0435596531                           05           05/01/03          0
    ALAN03                               O            04/01/33
    0

    8580357          964/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       5.875          1,183.08         55
                                       5.625          1,183.08
    LYONS            CO   80540          5            03/10/03         00
    0435629498                           05           05/01/03          0
    354367                               O            04/01/33
    0

    8580361          964/G02             F           92,700.00         ZZ
                                         360         92,700.00          1
                                       6.000            555.78         67
                                       5.750            555.78
    CHANDLER         AZ   85224          2            03/13/03         00
    0435585823                           03           05/01/03          0
    357152                               N            04/01/33
    0

    8580365          964/G02             F          131,000.00         ZZ
                                         360        131,000.00          1
                                       6.125            795.97         77
                                       5.875            795.97
    LARAMIE          WY   82072          5            03/14/03         00
    0435589387                           05           05/01/03          0
    358040                               O            04/01/33
    0
1

    8580373          964/G02             F          164,500.00         ZZ
                                         360        164,500.00          1
                                       6.000            986.26         68
                                       5.750            986.26
    WHEAT RIDGE      CO   80033          5            03/13/03         00
    0435586128                           05           05/01/03          0
    360492                               O            04/01/33
    0

    8580399          964/G02             F          110,800.00         ZZ
                                         360        110,800.00          1
                                       6.125            673.23         80
                                       5.875            673.23
    CHANDLER         AZ   85224          2            03/06/03         00
    0435586276                           05           05/01/03          0
    348826                               O            04/01/33
    0

    8580403          964/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.000            647.51         68
                                       5.750            647.51
    PHOENIX          AZ   85048          2            03/13/03         00
    0435595095                           03           05/01/03          0
    357145                               N            04/01/33
    0

    8580407          964/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.000            629.53         68
                                       5.750            629.53
    PHOENIX          AZ   85044          2            03/13/03         00
    0435586474                           05           05/01/03          0
    357150                               N            04/01/33
    0

    8580415          964/G02             F          137,250.00         ZZ
                                         360        137,250.00          1
                                       5.750            800.95         75
                                       5.500            800.95
    PUEBLO           CO   81005          5            03/12/03         00
    0435629373                           05           05/01/03          0
    358609                               O            04/01/33
    0

    8580433          964/G02             F          121,600.00         ZZ
                                         360        121,600.00          1
1

                                       6.125            738.85         80
                                       5.875            738.85
    DENVER           CO   80214          1            03/18/03         00
    0435626007                           05           05/01/03          0
    361561                               N            04/01/33
    0

    8580495          964/G02             F          348,000.00         ZZ
                                         360        347,677.68          1
                                       6.375          2,171.07         80
                                       6.125          2,171.07
    SAN JOSE         CA   95111          5            02/05/03         00
    0435626155                           05           04/01/03          0
    296651                               O            03/01/33
    0

    8580499          964/G02             F          390,000.00         ZZ
                                         360        389,647.43          1
                                       6.500          2,465.07         67
                                       6.250          2,465.07
    SAN JOSE         CA   95136          2            02/10/03         00
    0435586748                           05           04/01/03          0
    311874                               O            03/01/33
    0

    8580503          964/G02             F          213,550.00         ZZ
                                         360        213,550.00          1
                                       6.375          1,332.27         50
                                       6.125          1,332.27
    ALAMEDA          CA   94502          5            03/11/03         00
    0435599626                           03           05/01/03          0
    318961                               O            04/01/33
    0

    8580509          964/G02             F          488,000.00         ZZ
                                         360        487,525.69          1
                                       6.125          2,965.14         80
                                       5.875          2,965.14
    NOVATO           CA   94945          5            02/07/03         00
    0435586144                           03           04/01/03          0
    342040                               O            03/01/33
    0

    8580519          964/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.250          1,169.86         27
                                       6.000          1,169.86
    FREMONT          CA   94539          2            03/07/03         00
    0435597315                           05           05/01/03          0
1

    345336                               O            04/01/33
    0

    8580541          964/G02             F          177,000.00         ZZ
                                         360        177,000.00          1
                                       6.250          1,089.82         55
                                       6.000          1,089.82
    NOVATO           CA   94947          5            03/06/03         00
    0435596218                           01           05/01/03          0
    346482                               O            04/01/33
    0

    8581011          E22/G02             F          108,800.00         ZZ
                                         360        108,800.00          2
                                       6.875            714.74         85
                                       6.625            714.74
    DETROIT          MI   48228          2            03/28/03         01
    0416264505                           05           05/01/03         12
    0416264505                           O            04/01/33
    0

    8581037          E22/G02             F           87,200.00         ZZ
                                         360         87,200.00          1
                                       6.500            551.16         80
                                       6.250            551.16
    SACRAMENTO       CA   95815          1            03/20/03         00
    0416304327                           05           05/01/03          0
    0416304327                           N            04/01/33
    0

    8581115          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       5.875          1,135.75         80
                                       5.625          1,135.75
    EVERETT          WA   98203          1            03/27/03         00
    0416414761                           05           05/01/03          0
    0416414761                           O            04/01/33
    0

    8581145          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       6.125          1,385.35         68
                                       5.875          1,385.35
    WEST BLOOMFIELD  MI   48322          5            03/28/03         00
    0416435600                           05           05/01/03          0
    0416435600                           O            04/01/33
    0

1

    8581153          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.000            575.57         74
                                       5.750            575.57
    HOMESTEAD        FL   33033          5            03/28/03         00
    0416443588                           05           05/01/03          0
    0416443588                           O            04/01/33
    0

    8581163          E22/G02             F          151,000.00         ZZ
                                         360        151,000.00          1
                                       6.375            942.04         73
                                       6.125            942.04
    BRISTOL          RI   02809          5            03/28/03         00
    0416457232                           05           05/01/03          0
    0416457232                           O            04/01/33
    0

    8581179          E22/G02             F          200,800.00         ZZ
                                         360        200,800.00          1
                                       6.125          1,220.08         80
                                       5.875          1,220.08
    SALT LAKE CITY   UT   84124          5            03/28/03         00
    0416475671                           05           05/01/03          0
    0416475671                           O            04/01/33
    0

    8581183          E22/G02             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       6.000          1,462.90         80
                                       5.750          1,462.90
    VASHON           WA   98070          5            03/27/03         00
    0416476547                           05           05/01/03          0
    0416476547                           O            04/01/33
    0

    8581209          E22/G02             F           79,500.00         ZZ
                                         360         79,500.00          1
                                       6.000            476.64         46
                                       5.750            476.64
    SANDY            UT   84070          2            03/28/03         00
    0416515419                           05           05/01/03          0
    0416515419                           O            04/01/33
    0

    8581241          E22/G02             F           70,500.00         ZZ
                                         360         70,500.00          1
                                       6.250            434.08         75
                                       6.000            434.08
1

    BOISE            ID   83703          1            03/27/03         00
    0416574531                           03           05/01/03          0
    0416574531                           N            04/01/33
    0

    8581701          Y10/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.250          1,280.69         80
                                       6.000          1,280.69
    MENDOTA HEIGHTS  MN   55120          5            03/26/03         00
    0435597703                           05           05/01/03          0
    1857077                              O            04/01/33
    0

    8582011          A39/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.000          1,558.83         80
                                       5.750          1,558.83
    CANOGA PARK      CA   91304          2            03/25/03         00
    0435611413                           05           05/01/03          0
    2300432                              O            04/01/33
    0

    8582111          R80/G02             F          224,550.00         ZZ
                                         360        224,550.00          4
                                       6.750          1,456.43         90
                                       6.500          1,456.43
    SCOTTSDALE       AZ   85251          1            03/27/03         04
    0435603162                           05           05/01/03         25
    30518                                N            04/01/33
    0

    8582115          642/G02             F          137,600.00         ZZ
                                         360        137,600.00          1
                                       6.250            847.23         80
                                       6.000            847.23
    SHADY SIDE       MD   20764          2            03/28/03         00
    0435611744                           05           05/01/03          0
    03105103                             O            04/01/33
    0

    8582221          N74/G02             F          140,720.00         ZZ
                                         360        140,576.53          1
                                       5.875            832.41         80
                                       5.625            832.41
    MEBANE           NC   27302          1            03/28/03         00
    0435585070                           05           04/28/03          0
    0032072011                           O            03/28/33
    0
1

    8582225          X67/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       6.250          1,025.17         90
                                       6.000          1,025.17
    MILFORD          NH   03055          5            03/20/03         11
    0435597182                           05           05/01/03         25
    00241687                             O            04/01/33
    0

    8582605          N74/G02             F          112,800.00         ZZ
                                         360        112,800.00          1
                                       6.125            685.38         81
                                       5.875            685.38
    MONTICELLO       AR   71655          5            03/27/03         10
    0435623459                           05           05/01/03         12
    0032070010                           O            04/01/33
    0

    8582735          K15/G02             F          109,200.00         ZZ
                                         360        109,200.00          1
                                       7.000            726.51         95
                                       6.750            726.51
    YPSILANTI        MI   48198          2            03/26/03         41
    0435605142                           05           05/01/03         30
    036305512226                         O            04/01/33
    0

    8582741          K15/G02             F          176,400.00         ZZ
                                         240        176,400.00          1
                                       6.625          1,328.20         77
                                       6.375          1,328.20
    ABERDEEN         NC   28315          5            03/21/03         41
    0435606033                           05           05/01/03         25
    017205512705                         O            04/01/23
    0

    8582825          X31/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       6.125          1,081.55         62
                                       5.875          1,081.55
    PORTLAND         OR   97214          2            03/20/03         00
    0435591425                           05           05/01/03          0
    52000418                             N            04/01/33
    0

    8582899          K15/G02             F          278,900.00         ZZ
                                         360        278,900.00          1
1

                                       5.875          1,649.80         74
                                       5.625          1,649.80
    EAST ISLIP       NY   11730          5            03/14/03         00
    0435603386                           05           05/01/03          0
    020805512194                         O            04/01/33
    0

    8582905          N74/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       5.875            727.59         69
                                       5.625            727.59
    WILKESBORO       NC   28697          2            03/26/03         00
    0435625165                           05           05/01/03          0
    0032030010                           N            04/01/33
    0

    8582935          N74/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       5.875          1,153.50         70
                                       5.625          1,153.50
    CULPEPER         VA   22701          5            03/26/03         00
    0435588934                           05           05/01/03          0
    0032051010                           O            04/01/33
    0

    8582973          N74/G02             F          142,800.00         ZZ
                                         360        142,800.00          1
                                       6.375            890.89         85
                                       6.125            890.89
    RICHMOND         VA   23235          5            03/26/03         10
    0435621693                           05           05/01/03         12
    0032061010                           O            04/01/33
    0

    8583013          N74/G02             F          165,600.00         TX
                                         360        165,600.00          1
                                       6.000            992.86         80
                                       5.750            992.86
    NEDERLAND        TX   77627          5            03/26/03         00
    0435623541                           05           05/01/03          0
    0032032010                           O            04/01/33
    0

    8583023          P09/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.500            758.48         93
                                       6.250            758.48
    TEMPLE HILLS     MD   20748          2            04/01/03         10
    0435610134                           09           05/01/03         30
1

    MCCLIN                               O            04/01/33
    0

    8583073          U05/G02             F          168,000.00         ZZ
                                         360        168,000.00          2
                                       6.375          1,048.10         80
                                       6.125          1,048.10
    RANCHO CORDOVA   CA   95670          5            03/17/03         00
    0435603527                           05           05/01/03          0
    3324612                              N            04/01/33
    0

    8583341          738/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       6.000          1,007.25         70
                                       5.750          1,007.25
    DEERFIELD BEACH  FL   33441          1            03/04/03         00
    0435598503                           05           05/01/03          0
    40922692                             O            04/01/33
    0

    8583475          420/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.125          1,579.79         76
                                       5.875          1,579.79
    WINDSOR          CA   95492          2            03/24/03         00
    0435603030                           03           05/01/03          0
    73000916                             N            04/01/33
    0

    8583809          X91/G02             F          247,500.00         ZZ
                                         360        247,500.00          1
                                       6.375          1,544.08         74
                                       6.125          1,544.08
    KAILUA           HI   96734          1            03/22/03         00
    0435616651                           06           05/01/03          0
    804611                               O            04/01/33
    0

    8583999          E47/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.250          1,052.88         75
                                       6.000          1,052.88
    HAYWARD          CA   94541          5            03/19/03         00
    0435615364                           01           05/01/03          0
    7359513630                           O            04/01/33
    0

1

    8584125          W68/G02             F          108,800.00         TX
                                         360        108,800.00          1
                                       7.000            723.85         78
                                       6.750            723.85
    GARLAND          TX   75043          5            03/13/03         00
    0435623822                           05           05/01/03          0
    35636                                O            04/01/33
    0

    8584193          U05/G02             F          160,400.00         ZZ
                                         360        160,400.00          4
                                       6.375          1,000.69         90
                                       6.125          1,000.69
    CARLISLE         PA   17013          1            03/26/03         04
    0435604780                           05           05/01/03         25
    3324252                              N            04/01/33
    0

    8584381          E82/G02             F          129,900.00         ZZ
                                         360        129,900.00          1
                                       6.625            831.76         77
                                       6.375            831.76
    KURE BEACH       NC   28449          2            04/03/03         00
    0400799730                           05           05/01/03          0
    0400799730                           N            04/01/33
    0

    8584423          E82/G02             F          217,500.00         ZZ
                                         360        217,500.00          3
                                       6.125          1,321.55         58
                                       5.875          1,321.55
    CHICAGO          IL   60645          2            04/03/03         00
    0400796645                           05           05/01/03          0
    0400796645                           N            04/01/33
    0

    8584439          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.750            985.87         80
                                       6.500            985.87
    LAS VEGAS        NV   89144          5            03/13/03         00
    0415922061                           03           05/01/03          0
    0415922061                           O            04/01/33
    0

    8584447          E22/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
                                       6.000            642.72         80
                                       5.750            642.72
1

    REDDING          CA   96002          1            03/25/03         00
    0416075075                           05           05/01/03          0
    0416075075                           O            04/01/33
    0

    8584449          E22/G02             F          161,300.00         ZZ
                                         360        161,300.00          1
                                       6.750          1,046.19         95
                                       6.500          1,046.19
    SPARKS           NV   89431          1            03/27/03         04
    0416135853                           05           05/01/03         30
    0416135853                           O            04/01/33
    0

    8584451          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          2
                                       6.000          1,247.07         42
                                       5.750          1,247.07
    SANTA YNEZ       CA   93460          2            03/07/03         00
    0416137800                           05           05/01/03          0
    0416137800                           N            04/01/33
    0

    8584491          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          4
                                       6.375            814.15         90
                                       6.125            814.15
    GREAT FALLS      MT   59401          1            04/02/03         01
    0416360832                           05           05/01/03         25
    0416360832                           N            04/01/33
    0

    8584559          E22/G02             F          457,000.00         ZZ
                                         360        457,000.00          1
                                       6.250          2,813.83         75
                                       6.000          2,813.83
    DANVILLE         CA   94526          2            03/26/03         00
    0416448561                           03           05/01/03          0
    0416448561                           O            04/01/33
    0

    8584593          E22/G02             F          225,250.00         ZZ
                                         360        225,250.00          1
                                       6.750          1,460.97         85
                                       6.500          1,460.97
    ELIZABETH        CO   80107          5            03/26/03         04
    0416505675                           05           05/01/03         12
    0416505675                           O            04/01/33
    0
1

    8584613          E22/G02             F          247,410.00         ZZ
                                         360        247,410.00          1
                                       6.500          1,563.80         90
                                       6.250          1,563.80
    SANTA MARIA      CA   93455          1            03/27/03         04
    0416534154                           05           05/01/03         25
    0416534154                           O            04/01/33
    0

    8584651          E22/G02             F          104,400.00         ZZ
                                         360        104,400.00          1
                                       6.500            659.88         80
                                       6.250            659.88
    WOODBRIDGE       VA   22192          5            04/03/03         00
    0416613578                           01           05/01/03          0
    0416613578                           N            04/01/33
    0

    8584661          E22/G02             F          145,350.00         ZZ
                                         360        145,350.00          1
                                       6.625            930.69         95
                                       6.375            930.69
    BOISE            ID   83704          5            03/28/03         04
    0416650315                           05           05/01/03         30
    0416650315                           O            04/01/33
    0

    8586985          964/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.375          1,247.74         48
                                       6.125          1,247.74
    ESCALON          CA   95320          5            03/18/03         00
    0435641196                           05           05/01/03          0
    337227                               N            04/01/33
    0

    8587009          964/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.125            668.37         75
                                       5.875            668.37
    APOPKA           FL   32703          5            03/20/03         00
    0435644877                           03           05/01/03          0
    356376                               O            04/01/33
    0

    8587025          964/G02             F          129,000.00         ZZ
                                         360        129,000.00          1
1

                                       5.625            742.60         21
                                       5.375            742.60
    BLAINE COUNTY    ID   83340          2            03/19/03         00
    0435613310                           05           05/01/03          0
    359627                               O            04/01/33
    0

    8587031          964/G02             F          102,500.00         ZZ
                                         360        102,500.00          1
                                       6.375            639.47         79
                                       6.125            639.47
    PORTLAND         OR   97218          2            03/01/03         00
    0435609664                           05           05/01/03          0
    361362                               O            04/01/33
    0

    8587043          964/G02             F          243,750.00         ZZ
                                         360        243,750.00          1
                                       6.375          1,520.68         75
                                       6.125          1,520.68
    ELK GROVE        CA   95624          2            03/19/03         00
    0435633003                           05           05/01/03          0
    367165                               O            04/01/33
    0

    8587049          964/G02             F          236,900.00         ZZ
                                         360        236,900.00          1
                                       5.875          1,401.35         73
                                       5.625          1,401.35
    HOUSTON          TX   77069          2            03/21/03         00
    0435628755                           05           05/01/03          0
    371435                               O            04/01/33
    0

    8587059          964/G02             F          178,750.00         ZZ
                                         360        178,750.00          1
                                       5.875          1,057.37         65
                                       5.625          1,057.37
    RENO             NV   89511          5            03/18/03         00
    0435643465                           05           05/01/03          0
    359768                               O            04/01/33
    0

    8587089          964/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       5.875            567.88         68
                                       5.625            567.88
    LAS VEGAS        NV   89123          1            03/14/03         00
    0435644349                           05           05/01/03          0
1

    364573                               O            04/01/33
    0

    8587103          964/G02             F          181,600.00         ZZ
                                         360        181,600.00          1
                                       6.375          1,132.95         78
                                       6.125          1,132.95
    PEORIA           AZ   85382          2            03/24/03         00
    0435633581                           03           05/01/03          0
    365091                               O            04/01/33
    0

    8587109          964/G02             F          229,000.00         ZZ
                                         360        229,000.00          1
                                       6.000          1,372.97         70
                                       5.750          1,372.97
    MINDEN           NV   89423          5            03/17/03         00
    0435643663                           03           05/01/03          0
    366248                               O            04/01/33
    0

    8587657          964/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       5.750            787.82         70
                                       5.500            787.82
    CARSON           CA   90810          2            03/17/03         00
    0435644828                           05           05/01/03          0
    324178                               O            04/01/33
    0

    8587699          964/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.250          1,293.01         50
                                       6.000          1,293.01
    SALINAS          CA   93907          5            03/14/03         00
    0435644638                           05           05/01/03          0
    352000                               O            04/01/33
    0

    8587709          964/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
                                       5.750            974.57         21
                                       5.500            974.57
    FOREST KNOLLS    CA   94933          5            03/20/03         00
    0435607577                           05           05/01/03          0
    353537                               O            04/01/33
    0

1

    8587721          964/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       5.750          1,108.79         38
                                       5.500          1,108.79
    SAN FRANCISCO    CA   94110          5            03/14/03         00
    0435606017                           05           05/01/03          0
    355964                               O            04/01/33
    0

    8587729          964/G02             F          221,000.00         ZZ
                                         360        221,000.00          1
                                       6.125          1,342.82         64
                                       5.875          1,342.82
    PETALUMA         CA   94954          2            03/13/03         00
    0435628490                           09           05/01/03          0
    358855                               O            04/01/33
    0

    8587737          964/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.125          1,215.22         43
                                       5.875          1,215.22
    MILPITAS         CA   95035          5            03/11/03         00
    0435607734                           05           05/01/03          0
    359573                               O            04/01/33
    0

    8587827          X89/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.000          3,597.30         75
                                       5.750          3,597.30
    IRVINE           CA   92620          5            03/27/03         00
    0435633011                           03           05/01/03          0
    2001193                              O            04/01/33
    0

    8588027          U05/G02             F          140,000.00         TX
                                         360        140,000.00          1
                                       6.000            839.37         80
                                       5.750            839.37
    CARROLLTON       TX   75010          5            03/26/03         00
    0435593009                           05           05/01/03          0
    3322065                              O            04/01/33
    0

    8588067          X64/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
                                       6.125            644.07         36
                                       5.875            644.07
1

    WEST BLOOMFIELD  MI   48322          2            03/26/03         00
    0435639141                           05           05/01/03          0
    0000005757                           O            04/01/33
    0

    8588079          A46/G02             F          124,000.00         ZZ
                                         360        124,000.00          3
                                       6.625            793.99         80
                                       6.375            793.99
    HOUSTON          TX   77099          1            03/28/03         00
    0435659826                           05           05/01/03          0
    0301812                              N            04/01/33
    0

    8588105          S11/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.000          2,278.29         80
                                       5.750          2,278.29
    MISSION VIEJO    CA   92691          5            03/21/03         00
    0435616891                           05           05/01/03          0
    10211294                             O            04/01/33
    0

    8588135          W98/G02             F          147,000.00         ZZ
                                         360        147,000.00          1
                                       6.000            881.34         78
                                       5.750            881.34
    MARTINSBURG      WV   25401          5            03/19/03         00
    0435617881                           03           05/01/03          0
    L0302027                             O            04/01/33
    0

    8588211          225/G02             F          650,000.00         ZZ
                                         360        649,289.25          1
                                       6.125          3,949.47         66
                                       5.875          3,949.47
    FOREST HILLS     NY   11375          1            02/26/03         00
    0435587308                           05           04/01/03          0
    007444504                            O            03/01/33
    0

    8588213          225/G02             F          122,550.00         ZZ
                                         360        122,451.99          1
                                       7.125            825.65         95
                                       6.875            825.65
    JACKSONVILLE     FL   32225          2            02/26/03         11
    0435587282                           05           04/01/03         30
    007444892                            O            03/01/33
    0
1

    8588215          225/G02             F          224,800.00         ZZ
                                         360        224,611.14          4
                                       6.875          1,476.78         90
                                       6.625          1,476.78
    GORHAM           ME   04038          1            02/25/03         14
    0435587266                           05           04/01/03         25
    007451010                            N            03/01/33
    0

    8588453          A21/A21             F          288,400.00         ZZ
                                         360        288,400.00          1
                                       6.750          1,870.56         70
                                       6.500          1,870.56
    FLUSHING         NY   11355          1            03/13/03         00
    0100134216                           05           05/01/03          0
    0100134216                           N            04/01/33
    0

    8588513          E22/G02             F          585,000.00         ZZ
                                         360        585,000.00          1
                                       6.125          3,554.52         23
                                       5.875          3,554.52
    AUSTIN           TX   78731          5            03/28/03         00
    0416106029                           03           05/01/03          0
    0416106029                           O            04/01/33
    0

    8588531          E22/G02             F          110,800.00         ZZ
                                         360        110,800.00          1
                                       6.125            673.23         80
                                       5.875            673.23
    PULLMAN          WA   99163          1            03/27/03         00
    0416207355                           05           05/01/03          0
    0416207355                           O            04/01/33
    0

    8588545          E22/G02             F          180,500.00         ZZ
                                         360        180,500.00          1
                                       7.125          1,216.06         95
                                       6.875          1,216.06
    SARASOTA         FL   34239          5            03/28/03         10
    0416256279                           05           05/01/03         30
    0416256279                           O            04/01/33
    0

    8588553          E22/G02             F           76,800.00         ZZ
                                         360         76,800.00          1
1

                                       6.250            472.87         79
                                       6.000            472.87
    FORT WORTH       TX   76107          5            04/04/03         00
    0416269660                           05           05/01/03          0
    0416269660                           N            04/01/33
    0

    8588583          E22/G02             F          186,400.00         ZZ
                                         360        186,400.00          1
                                       6.125          1,132.59         80
                                       5.875          1,132.59
    DALLAS           TX   75214          5            03/27/03         00
    0416304236                           05           05/01/03          0
    0416304236                           O            04/01/33
    0

    8588585          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       6.000          1,582.81         80
                                       5.750          1,582.81
    ESTES PARK       CO   80517          2            03/31/03         00
    0416316099                           05           05/01/03          0
    0416316099                           O            04/01/33
    0

    8588671          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.000          1,798.65         79
                                       5.750          1,798.65
    MOORPARK         CA   93021          5            03/27/03         00
    0416429249                           03           05/01/03          0
    0416429249                           N            04/01/33
    0

    8588685          E22/G02             F          117,500.00         ZZ
                                         240        117,500.00          1
                                       5.875            833.36         74
                                       5.625            833.36
    LAWRENCEBURG     IN   47025          5            03/31/03         00
    0416457166                           05           05/01/03          0
    0416457166                           O            04/01/23
    0

    8588753          E22/G02             F          230,400.00         ZZ
                                         360        230,400.00          1
                                       5.750          1,344.55         80
                                       5.500          1,344.55
    SAN MARCOS       TX   78666          2            03/31/03         00
    0416192858                           05           05/01/03          0
1

    0416492858                           O            04/01/33
    0

    8588757          E22/G02             F          137,029.00         ZZ
                                         360        137,029.00          1
                                       5.875            810.58         90
                                       5.625            810.58
    WATERFORD        MI   48327          1            04/04/03         01
    0416496834                           01           05/01/03         25
    0416496834                           O            04/01/33
    0

    8588783          E22/G02             F           95,900.00         ZZ
                                         360         95,900.00          1
                                       6.500            606.15         70
                                       6.250            606.15
    AUSTIN           TX   78745          5            03/31/03         00
    0416518660                           05           05/01/03          0
    0416518660                           O            04/01/33
    0

    8588883          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.125          1,142.31         80
                                       5.875          1,142.31
    AUMSVILLE        OR   97325          5            03/28/03         00
    0416620003                           05           05/01/03          0
    0416620003                           O            04/01/33
    0

    8588923          E22/G02             F          110,950.00         ZZ
                                         360        110,950.00          1
                                       6.500            701.28         70
                                       6.250            701.28
    BOCA RATON       FL   33496          1            04/04/03         00
    0416638245                           09           05/01/03          0
    0416638245                           N            04/01/33
    0

    8589309          168/168             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.375          2,121.16         85
                                       6.125          2,121.16
    WEST NYACK       NY   10994          1            03/24/03         14
    0319619656                           05           05/01/03         12
    0319619656                           O            04/01/33
    0

1

    8589325          H49/G02             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       6.000          1,378.97         75
                                       5.750          1,378.97
    CAVE CREEK       AZ   85331          1            04/01/03         00
    0435623533                           03           05/01/03          0
    371132                               O            04/01/33
    0

    8589637          758/G02             F          232,900.00         ZZ
                                         360        232,900.00          1
                                       6.125          1,415.12         76
                                       5.875          1,415.12
    SPRING           TX   77379          2            03/18/03         00
    0435623319                           03           05/01/03          0
    502920                               O            04/01/33
    0

    8590259          168/168             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.250          1,970.30         64
                                       6.000          1,970.30
    FRESH MEADOWS    NY   11366          1            03/12/03         00
    0099956748                           05           05/01/03          0
    0099956748                           O            04/01/33
    0

    8590453          K15/G02             F          499,900.00         ZZ
                                         360        499,900.00          1
                                       6.125          3,037.45         75
                                       5.875          3,037.45
    SUFFERN          NY   10901          5            03/26/03         00
    0435611710                           05           05/01/03          0
    021205511030                         O            04/01/33
    0

    8590463          883/G02             F           97,400.00         ZZ
                                         360         97,400.00          1
                                       7.125            656.20         80
                                       6.875            656.20
    CLERMONT         FL   34711          1            03/28/03         00
    0435618723                           03           05/01/03          0
    44000266                             N            04/01/33
    0

    8590563          G34/G02             F          173,200.00         ZZ
                                         360        173,200.00          1
                                       6.000          1,038.42         72
                                       5.750          1,038.42
1

    OAK LEAF         TX   75154          2            03/24/03         00
    0435617303                           05           05/01/03          0
    47000086                             O            04/01/33
    0

    8590809          Q14/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.500          1,365.27         90
                                       6.250          1,365.27
    PRESCOTT         AZ   86301          1            03/03/03         01
    0435616834                           03           05/01/03         25
    00003-11655                          O            04/01/33
    0

    8591259          P44/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.500          1,188.29         87
                                       6.250          1,188.29
    MASHPEE          MA   02649          5            02/28/03         10
    0435652870                           05           05/01/03         25
    0053                                 O            04/01/33
    0

    8591477          U19/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.250            738.86         80
                                       6.000            738.86
    KANSAS CITY      MO   64134          5            03/26/03         00
    0435634126                           05           05/01/03          0
    58042011                             O            04/01/33
    0

    8591581          U19/G02             F          196,500.00         ZZ
                                         360        196,500.00          1
                                       6.250          1,209.88         80
                                       6.000          1,209.88
    COLORADO SPRING  CO   80919          5            03/21/03         00
    0435625389                           03           05/01/03          0
    58042019                             O            04/01/33
    0

    8592211          X67/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.625          1,504.73         73
                                       6.375          1,504.73
    SUFFERN          NY   10901          5            03/13/03         00
    0435627807                           05           05/01/03          0
    00241716                             O            04/01/33
    0
1

    8592315          E22/G02             F          150,500.00         ZZ
                                         360        150,500.00          1
                                       5.875            890.26         60
                                       5.625            890.26
    PELHAM           AL   35124          2            04/02/03         00
    0416299659                           05           05/01/03          0
    0416299659                           O            04/01/33
    0

    8592503          E22/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       6.250          1,551.61         80
                                       6.000          1,551.61
    AUBURN           CA   95603          1            03/26/03         00
    0416440543                           05           05/01/03          0
    0416440543                           N            04/01/33
    0

    8592519          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.375            873.42         80
                                       6.125            873.42
    HOUSTON          TX   77070          5            04/02/03         00
    0416446334                           03           05/01/03          0
    0416446334                           O            04/01/33
    0

    8592925          E22/G02             F          270,900.00         ZZ
                                         360        270,900.00          1
                                       7.125          1,825.10         90
                                       6.875          1,825.10
    EUGENE           OR   97408          2            03/25/03         04
    0416512606                           05           05/01/03         25
    0416512606                           O            04/01/33
    0

    8592959          U05/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       6.375          1,073.06         80
                                       6.125          1,073.06
    RANCHO CORDOVA   CA   95670          5            03/14/03         00
    0435607239                           05           05/01/03          0
    3324604                              N            04/01/33
    0

    8593205          P34/G02             F          137,700.00         ZZ
                                         360        137,700.00          1
1

                                       6.750            893.12         95
                                       6.500            893.12
    MIDLOTHIAN       VA   23113          2            03/21/03         10
    0435663166                           05           05/01/03         30
    15895                                O            04/01/33
    0

    8593263          N67/G02             F          144,750.00         ZZ
                                         360        144,750.00          1
                                       6.000            867.85         80
                                       5.750            867.85
    TOLLESON         AZ   85043          1            03/24/03         00
    0435620323                           05           05/01/03          0
    1760003880                           O            04/01/33
    0

    8593309          944/G02             F          146,250.00         ZZ
                                         360        146,250.00          1
                                       5.875            865.13         75
                                       5.625            865.13
    TUCSON           AZ   85719          5            03/27/03         00
    0435612767                           05           05/01/03          0
    W02039388                            N            04/01/33
    0

    8593461          B44/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.375          1,091.77         57
                                       6.125          1,091.77
    DAVIS            CA   95616          5            03/24/03         00
    0435659693                           03           05/01/03          0
    3030203                              O            04/01/33
    0

    8593659          696/G02             F          303,900.00         ZZ
                                         360        303,900.00          1
                                       5.875          1,797.68         80
                                       5.625          1,797.68
    ARLINGTON        VA   22202          1            03/31/03         00
    0435603782                           06           05/01/03          0
    25103073                             O            04/01/33
    0

    8593773          U37/G02             F          449,200.00         ZZ
                                         360        448,803.68          1
                                       6.625          2,876.28         90
                                       6.375          2,876.28
    ATASCADERO       CA   93422          1            02/13/03         01
    0435670708                           05           04/01/03         25
1

    8900011110                           O            03/01/33
    0

    8593835          P09/G02             F          198,300.00         ZZ
                                         360        198,300.00          1
                                       5.875          1,173.02         75
                                       5.625          1,173.02
    NEWARK           DE   19702          2            03/27/03         00
    0435640016                           05           05/01/03          0
    LOFINK                               O            04/01/33
    0

    8593941          Q14/G02             F          106,200.00         ZZ
                                         360        106,200.00          1
                                       7.000            706.55         90
                                       6.750            706.55
    MERRIAM          KS   66202          1            03/31/03         01
    0435626320                           05           05/01/03         25
    0000312325                           N            04/01/33
    0

    8594353          940/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.250          2,462.87         71
                                       6.000          2,462.87
    YORBA LINDA      CA   92886          5            03/13/03         00
    0435652268                           05           05/01/03          0
    40030327                             O            04/01/33
    0

    8594507          E47/G02             F          162,350.00         ZZ
                                         360        162,350.00          1
                                       6.375          1,012.85         80
                                       6.125          1,012.85
    CERES            CA   95307          1            03/19/03         00
    0435626973                           05           05/01/03          0
    7359513721                           O            04/01/33
    0

    8594939          952/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.250          1,539.29         68
                                       6.000          1,539.29
    TEANECK          NJ   07666          1            04/01/03         00
    0435634142                           05           05/01/03          0
    03001442                             O            04/01/33
    0

1

    8595145          E47/G02             F          155,500.00         ZZ
                                         360        155,500.00          1
                                       5.875            919.84         65
                                       5.625            919.84
    CHARLOTTE        NC   28204          5            03/26/03         00
    0435626684                           05           05/01/03          0
    7350510763                           O            04/01/33
    0

    8595175          K15/G02             F          165,500.00         ZZ
                                         360        165,500.00          1
                                       5.875            978.99         68
                                       5.625            978.99
    NEDERLAND        CO   80466          5            03/26/03         00
    0435610357                           05           05/01/03          0
    023305508001                         O            04/01/33
    0

    8595189          K15/G02             F          104,200.00         ZZ
                                         360        104,200.00          1
                                       7.125            702.01         75
                                       6.875            702.01
    VERNON           CT   06066          5            03/26/03         00
    0435610589                           05           05/01/03          0
    037905508293                         N            04/01/33
    0

    8595753          E22/G02             F          149,500.00         ZZ
                                         360        149,500.00          1
                                       6.625            957.26         95
                                       6.375            957.26
    EUREKA           TX   75109          2            03/31/03         04
    0416329811                           05           05/01/03         30
    0416329811                           O            04/01/33
    0

    8595765          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          3
                                       7.250            552.56         90
                                       7.000            552.56
    MACON            GA   31240          1            03/28/03         10
    0416335099                           05           05/01/03         25
    0416335099                           N            04/01/33
    0

    8597177          E47/G02             F          219,000.00         ZZ
                                         360        219,000.00          1
                                       6.000          1,313.02         80
                                       5.750          1,313.02
1

    RINGWOOD         NJ   07456          1            04/01/03         00
    0435652391                           05           05/01/03          0
    7338511152                           O            04/01/33
    0

    8597289          420/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.125          2,916.53         76
                                       5.875          2,916.53
    PLEASANT HILL    CA   94523          5            03/24/03         00
    0435633409                           05           05/01/03          0
    73000976                             O            04/01/33
    0

    8597349          420/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.125          2,236.01         76
                                       5.875          2,236.01
    SANTA ROSA       CA   95404          2            03/21/03         00
    0435632484                           05           05/01/03          0
    73000472                             O            04/01/33
    0

    8597559          M27/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.125          1,215.22         40
                                       5.875          1,215.22
    WILMINGTON       NC   28401          2            03/31/03         00
    0435644794                           05           05/01/03          0
    100133206009084                      O            04/01/33
    0

    8597685          L20/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.125            777.74         73
                                       5.875            777.74
    BOISE            ID   83702          1            04/04/03         00
    0435648001                           05           05/01/03          0
    1151080134                           O            04/01/33
    0

    8598021          K15/G02             F          314,700.00         ZZ
                                         360        314,700.00          1
                                       6.125          1,912.15         90
                                       5.875          1,912.15
    MADISON          CT   06443          2            03/26/03         41
    0435632302                           05           05/01/03         25
    037405508163                         O            04/01/33
    0
1

    8598651          P44/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.250            664.97         80
                                       6.000            664.97
    GARDNER          MA   01440          1            03/28/03         00
    0435638705                           05           05/01/03          0
    1                                    O            04/01/33
    0

    8598897          U09/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       7.000            399.19         60
                                       6.750            399.19
    WATERFORD        MI   48327          1            03/28/03         00
    0435662648                           01           05/01/03          0
    2300650                              N            04/01/33
    0

    8601139          S27/G02             F          245,446.00         ZZ
                                         360        245,446.00          1
                                       6.000          1,471.58         95
                                       5.750          1,471.58
    FT LAUDERDALE    FL   33332          1            03/31/03         10
    0435669718                           03           05/01/03         30
    1010027524                           O            04/01/33
    0

    8601669          K15/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.125            754.56         80
                                       6.875            754.56
    STOCKTON         CA   95205          5            03/25/03         00
    0435640545                           05           05/01/03          0
    039005507640                         O            04/01/33
    0

    8601969          624/G02             F          100,400.00         ZZ
                                         360        100,400.00          1
                                       6.125            610.04         80
                                       5.875            610.04
    LOVELAND         CO   80537          1            03/21/03         00
    0435639414                           01           05/01/03          0
    1000026548                           O            04/01/33
    0

    8601993          U85/G02             F           90,400.00         ZZ
                                         360         90,400.00          4
1

                                       7.250            616.69         87
                                       7.000            616.69
    DAVENPORT        IA   52806          2            03/25/03         10
    0435664933                           05           05/01/03         25
    TQS69                                N            04/01/33
    0

    8603657          H81/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       6.375            910.85         79
                                       6.125            910.85
    WAUKESHA         WI   53189          2            03/28/03         00
    0435664990                           05           05/01/03          0
    WH18141                              O            04/01/33
    0

    8604697          U05/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.125          2,551.96         75
                                       5.875          2,551.96
    LINCOLN          CA   95648          5            03/24/03         00
    0435675566                           05           05/01/03          0
    3325844                              O            04/01/33
    0

    8609257          E57/G02             F          338,400.00         ZZ
                                         360        338,400.00          1
                                       6.375          2,111.18         80
                                       6.125          2,111.18
    LOS ANGELES      CA   90041          5            03/26/03         00
    0435673181                           05           05/01/03          0
    17300865                             O            04/01/33
    0

    8609793          W93/G02             F          115,200.00         ZZ
                                         360        114,665.67          1
                                       6.500            728.15         80
                                       6.250            728.15
    PHOENIX          AZ   85015          1            12/17/02         00
    0435631015                           05           02/01/03          0
    55430784                             O            01/01/33
    0

    8610389          T29/G02             F          110,000.00         ZZ
                                         360        109,893.09          1
                                       6.125            668.37         76
                                       5.875            668.37
    MESA             AZ   85204          2            02/07/03         00
    0435651054                           05           04/01/03          0
1

    1531000                              O            03/01/33
    0

    8610653          K15/G02             F          170,100.00         ZZ
                                         360        170,100.00          2
                                       6.125          1,033.55         78
                                       5.875          1,033.55
    LAWRENCE         MA   01841          5            03/21/03         00
    0435665146                           05           05/01/03          0
    024505512237                         O            04/01/33
    0

    8611079          F89/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.125          1,944.35         77
                                       5.875          1,944.35
    HAWTHORNE        CA   90250          5            03/28/03         00
    0435664503                           05           05/01/03          0
    28748                                O            04/01/33
    0

    8611787          F89/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.125            668.37         58
                                       5.875            668.37
    LANCASTER        CA   93536          2            03/20/03         00
    0435642954                           05           05/01/03          0
    10627472                             O            04/01/33
    0

    8616231          F89/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       6.250          1,256.06         80
                                       6.000          1,256.06
    LONG BEACH       CA   90810          5            03/21/03         00
    0435665575                           05           05/01/03          0
    28456                                O            04/01/33
    0

    8622709          T08/G02             F          140,700.00         ZZ
                                         300        139,774.58          1
                                       5.875            895.81         65
                                       5.625            895.81
    KEEDYSVILLE      MD   21756          5            12/09/02         00
    0435654413                           05           02/01/03          0
    11210572                             O            01/01/28
    0

1

    8622719          T08/G02             F          144,000.00         ZZ
                                         360        143,853.19          1
                                       5.875            851.81         80
                                       5.625            851.81
    WESTON           FL   33326          1            02/27/03         00
    0435654553                           03           04/01/03          0
    132017012                            O            03/01/33
    0

    8622737          T08/G02             F          182,555.00         ZZ
                                         360        182,555.00          1
                                       6.500          1,153.87         95
                                       6.250          1,153.87
    JACKSONVILLE     FL   32259          1            03/27/03         11
    0435654652                           03           05/01/03         35
    13220611                             O            04/01/33
    0

    8622739          T08/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       5.875          2,224.18         80
                                       5.625          2,224.18
    JACKSONVILLE     FL   32266          1            03/26/03         00
    0435654686                           05           05/01/03          0
    13410215                             O            04/01/33
    0

    8622751          W96/G02             F          237,400.00         ZZ
                                         360        236,614.77          1
                                       7.000          1,579.43         80
                                       6.750          1,579.43
    MIAMI            FL   33193          1            11/18/02         00
    0435656152                           03           01/01/03          0
    22100664                             O            12/01/32
    0

   TOTAL NUMBER OF LOANS   :      1,741

   TOTAL ORIGINAL BALANCE  :   323,593,256.00

   TOTAL PRINCIPAL BALANCE :   323,298,899.17

   TOTAL ORIGINAL P+I      :     2,015,969.41

   TOTAL CURRENT P+I       :     2,015,969.43

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

<PAGE>
<TABLE>
<CAPTION>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      8064993         $239,609.99           5.970%             0.5000%         $1,198.05
      8094141         $170,990.76           5.970%             0.5000%          $854.95
      8109999         $234,470.56           5.970%             0.5000%         $1,172.35
      8206945         $241,672.03           5.970%             0.5000%         $1,208.36
      8222077         $541,392.14           5.970%             0.5000%         $2,706.96
      8277225         $383,215.06           5.595%             6.7500%        $25,867.02
      8282717         $232,229.30           5.970%             0.5000%         $1,161.15
      8292217         $234,497.23           5.970%             0.5000%         $1,172.49
      8308375         $180,082.43           5.970%             0.5000%          $900.41
      8309079         $279,159.60           5.720%             4.6667%        $13,027.45
      8354070         $340,000.00           5.720%             4.6667%        $15,866.67
      8354272         $435,355.67           5.595%             6.7500%        $29,386.51
      8354388         $403,607.33           5.845%             2.5833%        $10,426.52
      8355062         $175,000.00           5.845%             2.5833%         $4,520.83
      8355147         $291,444.44           5.970%             0.5000%         $1,457.22
      8356754         $403,660.00           5.720%             4.6667%        $18,837.47
      8356912         $400,000.00           5.720%             4.6667%        $18,666.67
      8357762         $585,402.55           5.595%             6.7500%        $39,514.67
      8357848         $240,000.00           5.845%             2.5833%         $6,200.00
      8357896         $353,800.00           5.845%             2.5833%         $9,139.83
      8358316         $240,000.00           5.845%             2.5833%         $6,200.00
      8358408         $223,900.00           5.970%             0.5000%         $1,119.50
      8358418         $206,400.00           5.595%             6.7500%        $13,932.00
      8358756         $135,000.00           5.720%             4.6667%         $6,300.00
      8359030         $192,000.00           5.970%             0.5000%          $960.00
      8359984         $250,000.00           5.845%             2.5833%         $6,458.33
      8361496         $357,000.00           5.845%             2.5833%         $9,222.50
      8362422         $140,000.00           5.720%             4.6667%         $6,533.33
      8374127         $196,375.67           5.970%             0.5000%          $981.88
      8376261         $523,497.76           5.970%             0.5000%         $2,617.49
      8378659         $449,573.02           5.970%             0.5000%         $2,247.87
      8394243         $88,314.74            5.470%             8.8333%         $7,801.14
      8407457         $81,878.95            5.970%             0.5000%          $409.39
      8416545         $184,271.21           5.970%             0.5000%          $921.36
      8427253         $973,552.85           5.845%             2.5833%        $25,150.12
      8432645         $182,393.85           5.845%             2.5833%         $4,711.84
      8450327         $109,321.17           5.970%             0.5000%          $546.61
      8451295         $255,745.15           5.720%             4.6667%        $11,934.77
      8452757         $132,970.63           5.845%             2.5833%         $3,435.07
      8459169         $399,611.23           5.845%             2.5833%        $10,323.29
      8461333         $612,000.00           5.720%             4.6667%        $28,560.00
      8462137         $259,455.78           5.470%             8.8333%        $22,918.59
      8466293         $464,548.05           5.845%             2.5833%        $12,000.82
      8473187         $192,612.61           5.845%             2.5833%         $4,975.83
      8477753         $128,375.11           5.845%             2.5833%         $3,316.36
      8477799         $254,733.77           5.470%             8.8333%        $22,501.48
      8477985         $93,500.00            5.845%             2.5833%         $2,415.42
      8478531         $103,000.00           5.845%             2.5833%         $2,660.83
      8482595         $239,766.73           5.845%             2.5833%         $6,193.97
      8483699         $227,773.02           5.720%             4.6667%        $10,629.41
      8483887         $173,590.13           5.970%             0.5000%          $867.95
      8487485         $171,873.77           5.970%             0.5000%          $859.37
      8488899         $147,600.00           5.470%             8.8333%        $13,038.00

 Wednesday, April 23, 2003                                                     Page 1 of 15

      8489351         $281,000.00           5.970%             0.5000%         $1,405.00
      8489663         $109,669.33           5.470%             8.8333%         $9,687.46
      8490411         $85,600.00            5.595%             6.7500%         $5,778.00
      8490489         $650,000.00           5.970%             0.5000%         $3,250.00
      8490593         $399,900.00           5.845%             2.5833%        $10,330.75
      8490639         $347,653.56           5.720%             4.6667%        $16,223.83
      8490731         $93,000.00            5.845%             2.5833%         $2,402.50
      8491987         $339,337.39           5.845%             2.5833%         $8,766.22
      8492259         $127,775.69           5.845%             2.5833%         $3,300.87
      8492261         $229,771.03           5.720%             4.6667%        $10,722.65
      8492749         $552,500.00           5.720%             4.6667%        $25,783.33
      8494903         $160,800.00           5.970%             0.5000%          $804.00
      8494935         $128,000.00           5.845%             2.5833%         $3,306.67
      8495177         $115,000.00           5.470%             8.8333%        $10,158.33
      8495313         $212,500.00           5.845%             2.5833%         $5,489.58
      8495629         $160,800.00           5.970%             0.5000%          $804.00
      8495695         $310,000.00           5.845%             2.5833%         $8,008.33
      8495705         $105,000.00           5.970%             0.5000%          $525.00
      8495837         $450,000.00           5.845%             2.5833%        $11,625.00
      8495865         $192,800.00           5.720%             4.6667%         $8,997.33
      8495867         $375,000.00           5.845%             2.5833%         $9,687.50
      8499681         $213,765.76           5.220%            13.0000%        $27,789.55
      8500979         $322,000.00           5.470%             8.8333%        $28,443.33
      8502065         $120,000.00           5.845%             2.5833%         $3,100.00
      8502119         $192,800.00           5.970%             0.5000%          $964.00
      8502151         $72,000.00            5.970%             0.5000%          $360.00
      8502207         $228,800.00           5.595%             6.7500%        $15,444.00
      8503247         $524,421.21           5.720%             4.6667%        $24,472.99
      8503375         $175,229.52           5.845%             2.5833%         $4,526.76
      8503591         $648,099.68           5.720%             4.6667%        $30,244.65
      8503597         $523,976.85           5.845%             2.5833%        $13,536.07
      8503601         $399,214.43           5.845%             2.5833%        $10,313.04
      8503607         $451,097.81           5.720%             4.6667%        $21,051.23
      8503611         $368,662.68           5.720%             4.6667%        $17,204.26
      8503747         $225,000.00           5.595%             6.7500%        $15,187.50
      8503791         $98,706.25            5.970%             0.5000%          $493.53
      8503815         $225,250.00           5.970%             0.5000%         $1,126.25
      8504381         $373,271.14           5.845%             2.5833%         $9,642.84
      8504387         $351,623.69           5.345%            10.9167%        $38,385.59
      8504405         $512,000.25           5.845%             2.5833%        $13,226.67
      8504415         $347,653.56           5.720%             4.6667%        $16,223.83
      8504423         $398,203.59           5.720%             4.6667%        $18,582.83
      8504443         $518,986.62           5.845%             2.5833%        $13,407.15
      8504453         $443,197.29           5.845%             2.5833%        $11,449.26
      8504539         $570,830.78           5.595%             6.7500%        $38,531.08
      8504545         $377,224.10           5.720%             4.6667%        $17,603.79
      8504553         $399,162.76           5.470%             8.8333%        $35,259.38
      8504565         $604,262.31           5.595%             6.7500%        $40,787.71
      8507173         $128,000.00           5.845%             2.5833%         $3,306.67
      8507193         $170,050.00           5.970%             0.5000%          $850.25
      8507401         $508,000.00           5.970%             0.5000%         $2,540.00
      8508665         $199,810.24           5.970%             0.5000%          $999.05
      8508775         $115,300.00           5.595%             6.7500%         $7,782.75
      8509607         $164,000.00           5.720%             4.6667%         $7,653.33
      8510503         $216,000.00           5.970%             0.5000%         $1,080.00
      8511729         $122,400.00           5.970%             0.5000%          $612.00
      8511905         $51,000.00            5.720%             4.6667%         $2,380.00

 Wednesday, April 23, 2003                                                     Page 2 of 15

      8511917         $240,000.00           5.845%             2.5833%         $6,200.00
      8512009         $72,000.00            5.845%             2.5833%         $1,860.00
      8512087         $195,000.00           5.720%             4.6667%         $9,100.00
      8512115         $192,000.00           5.720%             4.6667%         $8,960.00
      8512135         $345,000.00           5.970%             0.5000%         $1,725.00
      8512171         $225,000.00           5.720%             4.6667%        $10,500.00
      8512179         $192,000.00           5.845%             2.5833%         $4,960.00
      8512183         $315,000.00           5.970%             0.5000%         $1,575.00
      8512193         $256,000.00           5.720%             4.6667%        $11,946.67
      8512195         $160,000.00           5.845%             2.5833%         $4,133.33
      8512221         $148,000.00           5.970%             0.5000%          $740.00
      8512267         $322,000.00           5.970%             0.5000%         $1,610.00
      8512271         $206,400.00           5.595%             6.7500%        $13,932.00
      8512291         $115,000.00           5.595%             6.7500%         $7,762.50
      8512325         $56,000.00            5.595%             6.7500%         $3,780.00
      8512381         $104,000.00           5.970%             0.5000%          $520.00
      8515523         $311,681.90           5.595%             6.7500%        $21,038.53
      8515561         $185,000.00           5.970%             0.5000%          $925.00
      8516617         $155,000.00           5.845%             2.5833%         $4,004.17
      8516747         $160,000.00           5.720%             4.6667%         $7,466.67
      8516925         $239,772.28           5.970%             0.5000%         $1,198.86
      8517147         $119,927.60           5.595%             6.7500%         $8,095.11
      8517357         $195,804.88           5.720%             4.6667%         $9,137.56
      8517783         $251,755.07           5.845%             2.5833%         $6,503.67
      8517949         $134,871.90           5.970%             0.5000%          $674.36
      8519583         $379,639.44           5.970%             0.5000%         $1,898.20
      8519857         $120,000.00           5.720%             4.6667%         $5,600.00
      8520111         $72,000.00            5.720%             4.6667%         $3,360.00
      8520167         $160,000.00           5.720%             4.6667%         $7,466.67
      8520175         $205,600.00           5.970%             0.5000%         $1,028.00
      8520245         $206,400.00           5.845%             2.5833%         $5,332.00
      8520417         $75,900.00            5.720%             4.6667%         $3,542.00
      8520531         $212,000.00           5.970%             0.5000%         $1,060.00
      8520599         $280,000.00           5.845%             2.5833%         $7,233.33
      8520603         $132,000.00           5.845%             2.5833%         $3,410.00
      8520655         $285,000.00           5.970%             0.5000%         $1,425.00
      8520675         $195,500.00           5.845%             2.5833%         $5,050.42
      8521195         $520,000.00           5.845%             2.5833%        $13,433.33
      8521263         $152,851.30           5.845%             2.5833%         $3,948.66
      8521623         $202,213.36           5.845%             2.5833%         $5,223.85
      8521693         $116,800.00           5.595%             6.7500%         $7,884.00
      8521707         $111,000.00           5.845%             2.5833%         $2,867.50
      8521733         $103,696.67           5.720%             4.6667%         $4,839.18
      8522021         $149,847.06           5.595%             6.7500%        $10,114.68
      8522045         $153,189.89           5.470%             8.8333%        $13,531.77
      8522305         $72,000.00            5.595%             6.7500%         $4,860.00
      8522315         $368,000.00           5.845%             2.5833%         $9,506.67
      8522327         $56,000.00            5.970%             0.5000%          $280.00
      8522339         $121,500.00           5.845%             2.5833%         $3,138.75
      8522349         $92,430.00            5.595%             6.7500%         $6,239.03
      8522353         $239,000.00           5.595%             6.7500%        $16,132.50
      8522469         $228,000.00           5.970%             0.5000%         $1,140.00
      8522517         $105,000.00           5.970%             0.5000%          $525.00
      8522519         $280,000.00           5.595%             6.7500%        $18,900.00
      8522541         $133,500.00           5.845%             2.5833%         $3,448.75
      8522571         $280,000.00           5.845%             2.5833%         $7,233.33
      8522577         $76,000.00            5.845%             2.5833%         $1,963.33

 Wednesday, April 23, 2003                                                     Page 3 of 15

      8522589         $396,000.00           5.720%             4.6667%        $18,480.00
      8522595         $108,000.00           5.845%             2.5833%         $2,790.00
      8522605         $625,000.00           5.845%             2.5833%        $16,145.83
      8522609         $305,000.00           5.970%             0.5000%         $1,525.00
      8522623         $452,300.00           5.720%             4.6667%        $21,107.33
      8522625         $142,500.00           5.845%             2.5833%         $3,681.25
      8522645         $399,950.00           5.720%             4.6667%        $18,664.33
      8522901         $134,871.90           5.970%             0.5000%          $674.36
      8523157         $217,178.35           5.595%             6.7500%        $14,659.54
      8523161         $321,671.71           5.595%             6.7500%        $21,712.84
      8523231         $146,860.52           5.970%             0.5000%          $734.30
      8523249         $214,196.57           5.970%             0.5000%         $1,070.98
      8523299         $158,030.87           5.345%            10.9167%        $17,251.70
      8523617         $374,644.18           5.970%             0.5000%         $1,873.22
      8523751         $313,694.81           5.845%             2.5833%         $8,103.78
      8523899         $319,500.00           5.470%             8.8333%        $28,222.50
      8523931         $368,000.00           5.845%             2.5833%         $9,506.67
      8523937         $94,000.00            5.720%             4.6667%         $4,386.67
      8523961         $204,000.00           5.595%             6.7500%        $13,770.00
      8524093         $120,000.00           5.595%             6.7500%         $8,100.00
      8524157         $316,000.00           5.970%             0.5000%         $1,580.00
      8524225         $176,840.96           5.970%             0.5000%          $884.20
      8524421         $99,898.04            5.595%             6.7500%         $6,743.12
      8524467         $224,000.00           5.595%             6.7500%        $15,120.00
      8524679         $236,264.56           5.720%             4.6667%        $11,025.68
      8525077         $39,961.13            5.845%             2.5833%         $1,032.33
      8525367         $240,000.00           5.970%             0.5000%         $1,200.00
      8525463         $194,211.05           5.845%             2.5833%         $5,017.12
      8525485         $191,425.30           5.845%             2.5833%         $4,945.15
      8525609         $154,000.00           5.845%             2.5833%         $3,978.33
      8525955         $184,590.76           5.970%             0.5000%          $922.95
      8526043         $186,000.00           5.970%             0.5000%          $930.00
      8526131         $210,858.74           5.970%             0.5000%         $1,054.29
      8526389         $71,700.00            5.970%             0.5000%          $358.50
      8526433         $109,300.00           5.845%             2.5833%         $2,823.58
      8526717         $287,200.00           5.845%             2.5833%         $7,419.33
      8526725         $132,800.00           5.470%             8.8333%        $11,730.67
      8526805         $255,000.00           5.595%             6.7500%        $17,212.50
      8526825         $72,000.00            5.595%             6.7500%         $4,860.00
      8526847         $319,920.00           5.970%             0.5000%         $1,599.60
      8526937         $189,819.71           5.970%             0.5000%          $949.10
      8528235         $444,577.77           5.970%             0.5000%         $2,222.89
      8528373         $235,000.00           5.970%             0.5000%         $1,175.00
      8528417         $202,108.05           5.970%             0.5000%         $1,010.54
      8528455         $224,000.00           5.970%             0.5000%         $1,120.00
      8528585         $111,000.00           5.970%             0.5000%          $555.00
      8528815         $505,769.65           5.970%             0.5000%         $2,528.85
      8529331         $450,000.00           5.720%             4.6667%        $21,000.00
      8529593         $350,000.00           5.845%             2.5833%         $9,041.67
      8529703         $195,200.00           5.845%             2.5833%         $5,042.67
      8530075         $224,750.00           5.845%             2.5833%         $5,806.04
      8530099         $52,400.00            5.845%             2.5833%         $1,353.67
      8530231         $128,000.00           5.720%             4.6667%         $5,973.33
      8530241         $192,000.00           5.595%             6.7500%        $12,960.00
      8530245         $183,000.00           5.720%             4.6667%         $8,540.00
      8530251         $184,000.00           5.845%             2.5833%         $4,753.33
      8530253         $115,000.00           5.970%             0.5000%          $575.00

 Wednesday, April 23, 2003                                                     Page 4 of 15

      8530305         $135,000.00           5.595%             6.7500%         $9,112.50
      8530307         $161,100.00           5.720%             4.6667%         $7,518.00
      8530327         $120,000.00           5.845%             2.5833%         $3,100.00
      8530363         $225,000.00           5.595%             6.7500%        $15,187.50
      8530459         $400,000.00           5.845%             2.5833%        $10,333.33
      8530519         $77,000.00            5.970%             0.5000%          $385.00
      8530529         $77,040.00            5.845%             2.5833%         $1,990.20
      8530541         $128,250.00           5.845%             2.5833%         $3,313.13
      8530587         $615,000.00           5.970%             0.5000%         $3,075.00
      8530589         $110,300.00           5.845%             2.5833%         $2,849.42
      8530595         $122,000.00           5.845%             2.5833%         $3,151.67
      8530615         $621,750.00           5.595%             6.7500%        $41,968.13
      8531657         $355,617.08           5.845%             2.5833%         $9,186.77
      8532107         $399,592.18           5.595%             6.7500%        $26,972.47
      8532591         $109,375.96           5.595%             6.7500%         $7,382.88
      8532785         $451,140.00           5.970%             0.5000%         $2,255.70
      8532791         $171,672.74           5.970%             0.5000%          $858.36
      8532835         $608,839.39           5.970%             0.5000%         $3,044.20
      8532851         $113,889.20           5.845%             2.5833%         $2,942.14
      8532865         $79,124.85            5.970%             0.5000%          $395.62
      8532919         $80,834.42            5.595%             6.7500%         $5,456.32
      8532955         $84,830.34            5.720%             4.6667%         $3,958.75
      8532979         $80,638.72            5.720%             4.6667%         $3,763.14
      8533005         $648,683.34           5.845%             2.5833%        $16,757.65
      8533009         $201,995.99           5.720%             4.6667%         $9,426.48
      8533023         $81,444.74            5.970%             0.5000%          $407.22
      8533031         $399,201.59           5.720%             4.6667%        $18,629.41
      8533059         $115,660.03           5.845%             2.5833%         $2,987.88
      8533067         $194,601.40           5.595%             6.7500%        $13,135.59
      8533081         $99,905.11            5.970%             0.5000%          $499.53
      8533129         $75,855.39            5.970%             0.5000%          $379.28
      8533171         $92,471.20            5.720%             4.6667%         $4,315.32
      8533185         $80,177.03            5.720%             4.6667%         $3,741.59
      8533237         $224,561.50           5.845%             2.5833%         $5,801.17
      8533283         $102,365.54           5.720%             4.6667%         $4,777.06
      8533381         $202,613.76           5.970%             0.5000%         $1,013.07
      8533389         $239,543.35           5.970%             0.5000%         $1,197.72
      8533397         $93,807.85            5.595%             6.7500%         $6,332.03
      8533407         $98,322.42            5.970%             0.5000%          $491.61
      8533455         $244,322.91           5.845%             2.5833%         $6,311.68
      8533583         $136,227.54           5.720%             4.6667%         $6,357.29
      8533587         $129,241.52           5.720%             4.6667%         $6,031.27
      8533633         $127,257.41           5.970%             0.5000%          $636.29
      8533647         $86,204.68            5.845%             2.5833%         $2,226.95
      8533669         $38,722.55            5.720%             4.6667%         $1,807.05
      8533683         $81,037.82            5.720%             4.6667%         $3,781.76
      8533729         $147,704.58           5.720%             4.6667%         $6,892.88
      8533753         $214,590.92           5.970%             0.5000%         $1,072.95
      8533759         $91,317.36            5.720%             4.6667%         $4,261.48
      8533777         $305,374.50           5.595%             6.7500%        $20,612.78
      8533783         $152,348.19           5.720%             4.6667%         $7,109.58
      8533837         $224,550.90           5.720%             4.6667%        $10,479.04
      8533843         $117,525.62           5.720%             4.6667%         $5,484.53
      8533859         $123,879.48           5.845%             2.5833%         $3,200.22
      8533905         $123,879.48           5.845%             2.5833%         $3,200.22
      8533921         $116,541.66           5.845%             2.5833%         $3,010.66
      8533923         $171,672.73           5.970%             0.5000%          $858.36

 Wednesday, April 23, 2003                                                     Page 5 of 15

     8533931         $129,746.64           5.845%             2.5833%         $3,351.79
      8533969         $279,734.32           5.970%             0.5000%         $1,398.67
      8534031         $104,590.82           5.720%             4.6667%         $4,880.90
      8534043         $118,773.57           5.970%             0.5000%          $593.87
      8534051         $78,897.05            5.970%             0.5000%          $394.49
      8534135         $114,077.25           5.845%             2.5833%         $2,947.00
      8534139         $381,754.55           5.845%             2.5833%         $9,861.99
      8534153         $180,131.04           5.595%             6.7500%        $12,158.85
      8534199         $244,522.53           5.845%             2.5833%         $6,316.83
      8534213         $103,792.40           5.720%             4.6667%         $4,843.65
      8534249         $81,694.26            5.970%             0.5000%          $408.47
      8534257         $170,325.30           5.970%             0.5000%          $851.63
      8534293         $86,670.58            5.720%             4.6667%         $4,044.63
      8534317         $80,768.23            5.970%             0.5000%          $403.84
      8534339         $155,703.19           5.970%             0.5000%          $778.52
      8534343         $346,822.77           5.845%             2.5833%         $8,959.59
      8534367         $129,371.08           5.720%             4.6667%         $6,037.32
      8534407         $94,814.84            5.845%             2.5833%         $2,449.38
      8534425         $399,120.65           5.845%             2.5833%        $10,310.62
      8534467         $434,172.34           5.970%             0.5000%         $2,170.86
      8534471         $441,732.40           5.970%             0.5000%         $2,208.66
      8534487         $104,296.34           5.845%             2.5833%         $2,694.32
      8534493         $164,221.56           5.720%             4.6667%         $7,663.67
      8534511         $404,191.62           5.720%             4.6667%        $18,862.28
      8534541         $138,236.48           5.970%             0.5000%          $691.18
      8534553         $499,001.99           5.720%             4.6667%        $23,286.76
      8534577         $83,836.30            5.845%             2.5833%         $2,165.77
      8534585         $116,272.96           5.845%             2.5833%         $3,003.72
      8534587         $92,120.13            5.845%             2.5833%         $2,379.77
      8534593         $77,922.35            5.720%             4.6667%         $3,636.38
      8534609         $126,062.97           5.720%             4.6667%         $5,882.94
      8534613         $88,762.06            5.845%             2.5833%         $2,293.02
      8534627         $81,314.37            5.970%             0.5000%          $406.57
      8534675         $79,840.30            5.720%             4.6667%         $3,725.88
      8534677         $79,840.30            5.720%             4.6667%         $3,725.88
      8534679         $79,840.30            5.720%             4.6667%         $3,725.88
      8534763         $115,274.89           5.845%             2.5833%         $2,977.93
      8534797         $96,905.12            5.845%             2.5833%         $2,503.38
      8534805         $91,531.28            5.720%             4.6667%         $4,271.46
      8534897         $125,247.63           5.845%             2.5833%         $3,235.56
      8534901         $100,998.00           5.720%             4.6667%         $4,713.24
      8534917         $130,000.78           5.970%             0.5000%          $650.00
      8534947         $224,571.89           5.970%             0.5000%         $1,122.86
      8534971         $79,616.49            5.970%             0.5000%          $398.08
      8534981         $79,693.96            5.970%             0.5000%          $398.47
      8534995         $123,464.63           5.970%             0.5000%          $617.32
      8535035         $109,086.99           5.845%             2.5833%         $2,818.08
      8535055         $79,844.09            5.845%             2.5833%         $2,062.64
      8535069         $125,748.49           5.720%             4.6667%         $5,868.26
      8535139         $130,145.86           5.845%             2.5833%         $3,362.10
      8535177         $255,449.11           5.720%             4.6667%        $11,920.96
      8535187         $322,393.81           5.970%             0.5000%         $1,611.97
      8535195         $88,331.62            5.970%             0.5000%          $441.66
      8535221         $124,881.39           5.970%             0.5000%          $624.41
      8535255         $116,886.28           5.845%             2.5833%         $3,019.56
      8535259         $83,121.05            5.970%             0.5000%          $415.61
      8535307         $129,609.79           5.720%             4.6667%         $6,048.46

 Wednesday, April 23, 2003                                                     Page 6 of 15

     8535309         $199,810.23           5.970%             0.5000%          $999.05
      8535315         $98,906.05            5.970%             0.5000%          $494.53
      8535507         $161,900.00           5.595%             6.7500%        $10,928.25
      8535621         $353,934.49           5.720%             4.6667%        $16,516.94
      8535981         $373,844.95           5.970%             0.5000%         $1,869.22
      8536587         $80,600.00            5.845%             2.5833%         $2,082.17
      8536593         $110,700.00           5.845%             2.5833%         $2,859.75
      8536607         $121,600.00           5.845%             2.5833%         $3,141.33
      8536609         $116,800.00           5.845%             2.5833%         $3,017.33
      8536637         $164,000.00           5.970%             0.5000%          $820.00
      8537127         $202,000.00           5.970%             0.5000%         $1,010.00
      8537261         $76,000.00            5.845%             2.5833%         $1,963.33
      8537343         $184,000.00           5.970%             0.5000%          $920.00
      8537503         $240,000.00           5.720%             4.6667%        $11,200.00
      8537535         $204,500.00           5.970%             0.5000%         $1,022.50
      8537575         $255,000.00           5.845%             2.5833%         $6,587.50
      8537587         $72,800.00            5.970%             0.5000%          $364.00
      8537589         $72,800.00            5.970%             0.5000%          $364.00
      8537619         $280,000.00           5.720%             4.6667%        $13,066.67
      8537623         $140,400.00           5.845%             2.5833%         $3,627.00
      8537677         $161,231.00           5.970%             0.5000%          $806.16
      8537697         $108,000.00           5.845%             2.5833%         $2,790.00
      8537733         $184,000.00           5.845%             2.5833%         $4,753.33
      8537745         $196,000.00           5.845%             2.5833%         $5,063.33
      8537759         $500,000.00           5.595%             6.7500%        $33,750.00
      8537765         $164,000.00           5.595%             6.7500%        $11,070.00
      8537813         $103,120.00           5.720%             4.6667%         $4,812.27
      8538357         $120,000.00           5.720%             4.6667%         $5,600.00
      8538455         $484,000.00           5.970%             0.5000%         $2,420.00
      8538503         $288,000.00           5.470%             8.8333%        $25,440.00
      8538823         $135,000.00           5.970%             0.5000%          $675.00
      8538893         $308,000.00           5.970%             0.5000%         $1,540.00
      8538897         $200,000.00           5.970%             0.5000%         $1,000.00
      8539017         $519,000.00           5.845%             2.5833%        $13,407.50
      8539469         $128,850.00           5.970%             0.5000%          $644.25
      8539527         $117,000.00           5.845%             2.5833%         $3,022.50
      8539621         $98,000.00            5.845%             2.5833%         $2,531.67
      8539691         $153,600.00           5.845%             2.5833%         $3,968.00
      8539719         $212,000.00           5.595%             6.7500%        $14,310.00
      8539755         $214,500.00           5.845%             2.5833%         $5,541.25
      8540361         $400,000.00           5.845%             2.5833%        $10,333.33
      8540813         $183,200.00           5.720%             4.6667%         $8,549.33
      8541153         $99,680.02            5.845%             2.5833%         $2,575.07
      8541187         $558,000.00           5.845%             2.5833%        $14,415.00
      8541257         $435,000.00           5.845%             2.5833%        $11,237.50
      8541493         $187,200.00           5.970%             0.5000%          $936.00
      8541501         $258,000.00           5.845%             2.5833%         $6,665.00
      8541533         $164,443.81           5.970%             0.5000%          $822.22
      8542013         $213,547.18           5.970%             0.5000%         $1,067.74
      8542707         $108,050.00           5.845%             2.5833%         $2,791.29
      8542745         $98,900.00            5.970%             0.5000%          $494.50
      8542777         $161,600.00           5.595%             6.7500%        $10,908.00
      8542797         $123,750.00           5.845%             2.5833%         $3,196.88
      8542845         $92,000.00            5.720%             4.6667%         $4,293.33
      8542913         $137,600.00           5.720%             4.6667%         $6,421.33
      8542931         $216,000.00           5.595%             6.7500%        $14,580.00
      8543245         $97,907.02            5.970%             0.5000%          $489.54

 Wednesday, April 23, 2003                                                     Page 7 of 15

      8543297         $649,321.36           5.470%             8.8333%        $57,356.72
      8543301         $435,565.96           5.720%             4.6667%        $20,326.41
      8543305         $495,000.00           5.720%             4.6667%        $23,100.00
      8543307         $640,000.00           5.720%             4.6667%        $29,866.67
      8543313         $503,000.00           5.720%             4.6667%        $23,473.33
      8543325         $442,515.00           5.720%             4.6667%        $20,650.70
      8543327         $429,450.00           5.720%             4.6667%        $20,041.00
      8543331         $392,599.32           5.595%             6.7500%        $26,500.45
      8543333         $476,000.00           5.595%             6.7500%        $32,130.00
      8543335         $355,653.99           5.845%             2.5833%         $9,187.73
      8543339         $388,603.40           5.595%             6.7500%        $26,230.73
      8543341         $509,492.29           5.720%             4.6667%        $23,776.31
      8543345         $454,113.28           5.845%             2.5833%        $11,731.26
      8543361         $489,523.75           5.845%             2.5833%        $12,646.03
      8543389         $399,592.18           5.595%             6.7500%        $26,972.47
      8543393         $404,606.37           5.845%             2.5833%        $10,452.33
      8544273         $447,000.00           5.720%             4.6667%        $20,860.00
      8544373         $500,000.00           5.970%             0.5000%         $2,500.00
      8544455         $185,000.00           5.845%             2.5833%         $4,779.17
      8544599         $355,000.00           5.970%             0.5000%         $1,775.00
      8544941         $401,600.00           5.970%             0.5000%         $2,008.00
      8545303         $201,000.00           5.845%             2.5833%         $5,192.50
      8545321         $81,500.00            5.845%             2.5833%         $2,105.42
      8545413         $244,000.00           5.970%             0.5000%         $1,220.00
      8545437         $445,000.00           5.470%             8.8333%        $39,308.33
      8545465         $217,500.00           5.970%             0.5000%         $1,087.50
      8545535         $316,000.00           5.970%             0.5000%         $1,580.00
      8545553         $354,400.00           5.595%             6.7500%        $23,922.00
      8545559         $174,000.00           5.845%             2.5833%         $4,495.00
      8545937         $225,000.00           5.845%             2.5833%         $5,812.50
      8545981         $115,532.09           5.595%             6.7500%         $7,798.42
      8545991         $184,960.00           5.845%             2.5833%         $4,778.13
      8546013         $99,600.00            5.845%             2.5833%         $2,573.00
      8546409         $162,000.00           5.970%             0.5000%          $810.00
      8546493         $195,900.00           5.470%             8.8333%        $17,304.50
      8546733         $400,000.00           5.970%             0.5000%         $2,000.00
      8546781         $135,000.00           5.970%             0.5000%          $675.00
      8546895         $135,000.00           5.720%             4.6667%         $6,300.00
      8547003         $645,800.00           5.845%             2.5833%        $16,683.17
      8547007         $240,000.00           5.845%             2.5833%         $6,200.00
      8547151         $225,000.00           5.970%             0.5000%         $1,125.00
      8547215         $155,598.62           5.845%             2.5833%         $4,019.63
      8547261         $67,000.00            5.720%             4.6667%         $3,126.67
      8547291         $92,800.00            5.970%             0.5000%          $464.00
      8547303         $348,000.00           5.720%             4.6667%        $16,240.00
      8548097         $159,200.00           5.970%             0.5000%          $796.00
      8548107         $193,400.00           5.970%             0.5000%          $967.00
      8548267         $188,800.00           5.970%             0.5000%          $944.00
      8548287         $105,000.00           5.720%             4.6667%         $4,900.00
      8548297         $284,000.00           5.595%             6.7500%        $19,170.00
      8548307         $297,000.00           5.970%             0.5000%         $1,485.00
      8548323         $56,750.00            5.720%             4.6667%         $2,648.33
      8548369         $86,625.00            5.970%             0.5000%          $433.13
      8548445         $160,000.00           5.970%             0.5000%          $800.00
      8548511         $194,000.00           5.845%             2.5833%         $5,011.67
      8548523         $280,000.00           5.595%             6.7500%        $18,900.00
      8548561         $154,000.00           5.595%             6.7500%        $10,395.00

 Wednesday, April 23, 2003                                                     Page 8 of 15

      8548565         $129,000.00           5.845%             2.5833%         $3,332.50
      8548569         $110,000.00           5.720%             4.6667%         $5,133.33
      8548573         $184,200.00           5.970%             0.5000%          $921.00
      8548645         $184,000.00           5.595%             6.7500%        $12,420.00
      8548719         $93,550.00            5.845%             2.5833%         $2,416.71
      8548731         $99,700.00            5.720%             4.6667%         $4,652.67
      8550099         $370,000.00           5.720%             4.6667%        $17,266.67
      8550133         $216,600.00           5.845%             2.5833%         $5,595.50
      8550291         $63,000.00            5.595%             6.7500%         $4,252.50
      8550333         $352,000.00           5.470%             8.8333%        $31,093.33
      8550371         $194,810.47           5.845%             2.5833%         $5,032.60
      8550397         $399,611.23           5.845%             2.5833%        $10,323.29
      8550413         $624,000.00           5.720%             4.6667%        $29,120.00
      8550417         $340,000.00           5.720%             4.6667%        $15,866.67
      8550749         $86,530.00            5.595%             6.7500%         $5,840.78
      8552033         $256,000.00           5.970%             0.5000%         $1,280.00
      8552073         $99,000.00            5.845%             2.5833%         $2,557.50
      8552149         $138,685.00           5.720%             4.6667%         $6,471.97
      8552181         $199,125.00           5.970%             0.5000%          $995.63
      8552191         $114,700.00           5.845%             2.5833%         $2,963.08
      8552193         $119,920.00           5.845%             2.5833%         $3,097.93
      8552237         $239,000.00           5.720%             4.6667%        $11,153.33
      8552247         $158,500.00           5.720%             4.6667%         $7,396.67
      8552251         $63,150.00            5.845%             2.5833%         $1,631.38
      8552257         $344,000.00           5.845%             2.5833%         $8,886.67
      8552285         $170,000.00           5.595%             6.7500%        $11,475.00
      8552297         $153,000.00           5.595%             6.7500%        $10,327.50
      8552329         $140,000.00           5.970%             0.5000%          $700.00
      8552429         $184,000.00           5.720%             4.6667%         $8,586.67
      8552445         $170,000.00           5.720%             4.6667%         $7,933.33
      8552453         $255,200.00           5.970%             0.5000%         $1,276.00
      8552487         $73,000.00            5.720%             4.6667%         $3,406.67
      8552495         $240,000.00           5.845%             2.5833%         $6,200.00
      8552499         $176,000.00           5.970%             0.5000%          $880.00
      8552517         $243,500.00           5.720%             4.6667%        $11,363.33
      8552581         $128,500.00           5.845%             2.5833%         $3,319.58
      8552605         $220,000.00           5.845%             2.5833%         $5,683.33
      8552615         $127,000.00           5.845%             2.5833%         $3,280.83
      8552787         $147,852.67           5.720%             4.6667%         $6,899.79
      8553135         $121,000.00           5.345%            10.9167%        $13,209.17
      8553159         $360,100.00           5.470%             8.8333%        $31,808.83
      8553413         $248,000.00           5.970%             0.5000%         $1,240.00
      8553417         $101,250.00           5.845%             2.5833%         $2,615.63
      8553429         $220,779.99           5.720%             4.6667%        $10,303.07
      8553443         $169,000.00           5.220%            13.0000%        $21,970.00
      8553449         $186,800.00           5.845%             2.5833%         $4,825.67
      8553455         $165,500.00           5.970%             0.5000%          $827.50
      8553481         $176,250.00           5.970%             0.5000%          $881.25
      8553485         $252,000.00           5.595%             6.7500%        $17,010.00
      8553491         $126,000.00           5.720%             4.6667%         $5,880.00
      8553495         $248,000.00           5.720%             4.6667%        $11,573.33
      8553499         $265,000.00           5.720%             4.6667%        $12,366.67
      8553503         $131,900.00           5.595%             6.7500%         $8,903.25
      8553507         $173,000.00           5.720%             4.6667%         $8,073.33
      8553509         $231,000.00           5.970%             0.5000%         $1,155.00
      8553511         $156,000.00           5.845%             2.5833%         $4,030.00
      8553519         $520,000.00           5.845%             2.5833%        $13,433.33

 Wednesday, April 23, 2003                                                     Page 9 of 15

     8553523         $321,679.45           5.720%             4.6667%        $15,011.71
      8553527         $189,801.63           5.470%             8.8333%        $16,765.81
      8553531         $111,691.34           5.845%             2.5833%         $2,885.36
      8553543         $241,500.00           5.595%             6.7500%        $16,301.25
      8553561         $220,000.00           5.720%             4.6667%        $10,266.67
      8553565         $225,600.00           5.845%             2.5833%         $5,828.00
      8553571         $134,359.57           5.470%             8.8333%        $11,868.43
      8553573         $120,000.00           5.845%             2.5833%         $3,100.00
      8553589         $269,743.81           5.970%             0.5000%         $1,348.72
      8553605         $125,000.00           5.470%             8.8333%        $11,041.67
      8553611         $306,000.00           5.095%            15.0833%        $46,155.00
      8553623         $239,749.42           5.470%             8.8333%        $21,177.87
      8553643         $238,573.42           5.970%             0.5000%         $1,192.87
      8553659         $202,303.18           5.845%             2.5833%         $5,226.17
      8553663         $193,000.00           5.720%             4.6667%         $9,006.67
      8553699         $183,500.00           5.845%             2.5833%         $4,740.42
      8553713         $177,273.35           5.720%             4.6667%         $8,272.76
      8553783         $88,000.00            5.595%             6.7500%         $5,940.00
      8553825         $214,000.00           5.845%             2.5833%         $5,528.33
      8553845         $77,448.76            5.845%             2.5833%         $2,000.76
      8553899         $135,000.00           5.845%             2.5833%         $3,487.50
      8553901         $126,000.00           5.720%             4.6667%         $5,880.00
      8553931         $239,900.00           5.720%             4.6667%        $11,195.33
      8553947         $217,000.00           5.970%             0.5000%         $1,085.00
      8554179         $500,000.00           5.595%             6.7500%        $33,750.00
      8554213         $204,000.00           5.845%             2.5833%         $5,270.00
      8554541         $225,000.00           5.845%             2.5833%         $5,812.50
      8555101         $170,000.00           5.970%             0.5000%          $850.00
      8555113         $121,500.00           5.970%             0.5000%          $607.50
      8555117         $165,000.00           5.595%             6.7500%        $11,137.50
      8555175         $160,000.00           5.845%             2.5833%         $4,133.33
      8555319         $180,000.00           5.970%             0.5000%          $900.00
      8555343         $116,000.00           5.845%             2.5833%         $2,996.67
      8555347         $100,000.00           5.970%             0.5000%          $500.00
      8555493         $119,300.00           5.470%             8.8333%        $10,538.17
      8555545         $585,000.00           5.845%             2.5833%        $15,112.50
      8555719         $124,800.00           5.845%             2.5833%         $3,224.00
      8555749         $156,000.00           5.595%             6.7500%        $10,530.00
      8555753         $304,000.00           5.720%             4.6667%        $14,186.67
      8555803         $449,467.00           5.595%             6.7500%        $30,339.02
      8555845         $420,000.00           5.720%             4.6667%        $19,600.00
      8555869         $105,000.00           5.845%             2.5833%         $2,712.50
      8555909         $114,500.00           5.720%             4.6667%         $5,343.33
      8555919         $221,000.00           5.970%             0.5000%         $1,105.00
      8555921         $260,000.00           5.720%             4.6667%        $12,133.33
      8555925         $562,500.00           5.720%             4.6667%        $26,250.00
      8555971         $500,000.00           5.970%             0.5000%         $2,500.00
      8556939         $257,900.00           5.845%             2.5833%         $6,662.42
      8556949         $116,000.00           5.970%             0.5000%          $580.00
      8557025         $134,500.00           5.595%             6.7500%         $9,078.75
      8557053         $127,379.02           5.970%             0.5000%          $636.90
      8557055         $106,700.00           5.845%             2.5833%         $2,756.42
      8557185         $253,000.00           5.720%             4.6667%        $11,806.67
      8557499         $370,139.89           5.845%             2.5833%         $9,561.95
      8557509         $200,000.00           5.720%             4.6667%         $9,333.33
      8557573         $142,400.00           5.970%             0.5000%          $712.00
      8557695         $120,000.00           5.970%             0.5000%          $600.00

 Wednesday, April 23, 2003                                                    Page 10 of 15
      8557789         $136,061.14           5.595%             6.7500%         $9,184.13
      8557791         $196,700.00           5.845%             2.5833%         $5,081.42
      8557865         $120,000.00           5.720%             4.6667%         $5,600.00
      8558055         $191,250.00           5.595%             6.7500%        $12,909.38
      8558071         $114,000.00           5.720%             4.6667%         $5,320.00
      8558131         $81,548.00            5.720%             4.6667%         $3,805.57
      8558187         $372,000.00           5.970%             0.5000%         $1,860.00
      8558239         $178,000.00           5.720%             4.6667%         $8,306.67
      8558245         $227,695.00           5.845%             2.5833%         $5,882.12
      8558297         $259,300.00           5.970%             0.5000%         $1,296.50
      8558383         $127,800.00           5.845%             2.5833%         $3,301.50
      8558397         $148,000.00           5.845%             2.5833%         $3,823.33
      8558855         $319,500.00           5.845%             2.5833%         $8,253.75
      8558965         $200,000.00           5.470%             8.8333%        $17,666.67
      8559411         $210,000.00           5.595%             6.7500%        $14,175.00
      8559591         $141,500.00           5.970%             0.5000%          $707.50
      8559623         $99,000.00            5.720%             4.6667%         $4,620.00
      8559781         $624,000.00           5.845%             2.5833%        $16,120.00
      8559871         $104,080.00           5.720%             4.6667%         $4,857.07
      8559891         $240,000.00           5.970%             0.5000%         $1,200.00
      8559983         $169,500.00           5.845%             2.5833%         $4,378.75
      8560069         $280,000.00           5.720%             4.6667%        $13,066.67
      8560149         $345,000.00           5.720%             4.6667%        $16,100.00
      8560495         $210,400.00           5.970%             0.5000%         $1,052.00
      8560541         $247,000.00           5.970%             0.5000%         $1,235.00
      8561667         $72,100.00            5.845%             2.5833%         $1,862.58
      8561675         $102,500.00           5.845%             2.5833%         $2,647.92
      8561679         $108,800.00           5.970%             0.5000%          $544.00
      8561691         $62,400.00            5.845%             2.5833%         $1,612.00
      8562497         $119,484.00           5.720%             4.6667%         $5,575.92
      8562501         $170,400.00           5.970%             0.5000%          $852.00
      8562509         $150,000.00           5.720%             4.6667%         $7,000.00
      8562511         $82,800.00            5.970%             0.5000%          $414.00
      8562555         $109,200.00           5.720%             4.6667%         $5,096.00
      8562695         $506,500.00           5.845%             2.5833%        $13,084.58
      8562799         $195,800.00           5.595%             6.7500%        $13,216.50
      8562939         $488,000.00           5.845%             2.5833%        $12,606.67
      8565021         $200,000.00           5.720%             4.6667%         $9,333.33
      8565025         $94,300.00            5.720%             4.6667%         $4,400.67
      8565029         $167,000.00           5.720%             4.6667%         $7,793.33
      8565079         $95,500.00            5.720%             4.6667%         $4,456.67
      8565101         $179,900.00           5.970%             0.5000%          $899.50
      8565103         $89,000.00            5.720%             4.6667%         $4,153.33
      8565189         $110,000.00           5.845%             2.5833%         $2,841.67
      8565229         $176,000.00           5.845%             2.5833%         $4,546.67
      8565409         $268,000.00           5.595%             6.7500%        $18,090.00
      8565419         $101,600.00           5.845%             2.5833%         $2,624.67
      8565429         $125,200.00           5.970%             0.5000%          $626.00
      8565447         $160,000.00           5.595%             6.7500%        $10,800.00
      8565459         $275,000.00           5.845%             2.5833%         $7,104.17
      8565611         $92,000.00            5.710%             4.8333%         $4,446.67
      8565615         $196,000.00           5.720%             4.6667%         $9,146.67
      8565707         $224,000.00           5.845%             2.5833%         $5,786.67
      8566029         $88,000.00            5.970%             0.5000%          $440.00
      8566031         $126,255.00           5.845%             2.5833%         $3,261.59
      8566041         $400,000.00           5.595%             6.7500%        $27,000.00
      8566043         $167,950.00           5.470%             8.8333%        $14,835.58

 Wednesday, April 23, 2003                                                    Page 11 of 15

      8566061         $185,000.00           5.845%             2.5833%         $4,779.17
      8566073         $120,000.00           5.845%             2.5833%         $3,100.00
      8566091         $390,000.00           5.845%             2.5833%        $10,075.00
      8566123         $252,000.00           5.595%             6.7500%        $17,010.00
      8566127         $188,000.00           5.720%             4.6667%         $8,773.33
      8566163         $224,000.00           5.470%             8.8333%        $19,786.67
      8566167         $109,000.00           5.845%             2.5833%         $2,815.83
      8566169         $243,700.00           5.845%             2.5833%         $6,295.58
      8566179         $119,000.00           5.720%             4.6667%         $5,553.33
      8566181         $96,000.00            5.845%             2.5833%         $2,480.00
      8566183         $186,000.00           5.845%             2.5833%         $4,805.00
      8566331         $176,250.00           5.595%             6.7500%        $11,896.88
      8566337         $127,500.00           5.595%             6.7500%         $8,606.25
      8566361         $145,000.00           5.720%             4.6667%         $6,766.67
      8566363         $217,000.00           5.720%             4.6667%        $10,126.67
      8566373         $198,000.00           5.720%             4.6667%         $9,240.00
      8566405         $149,400.00           5.470%             8.8333%        $13,197.00
      8566413         $136,500.00           5.595%             6.7500%         $9,213.75
      8566427         $141,000.00           5.595%             6.7500%         $9,517.50
      8566429         $83,500.00            5.720%             4.6667%         $3,896.67
      8566431         $90,000.00            5.595%             6.7500%         $6,075.00
      8566433         $351,450.00           5.720%             4.6667%        $16,401.00
      8566443         $114,750.00           5.720%             4.6667%         $5,355.00
      8566455         $155,000.00           5.720%             4.6667%         $7,233.33
      8566461         $251,000.00           5.970%             0.5000%         $1,255.00
      8566467         $160,000.00           5.720%             4.6667%         $7,466.67
      8566469         $245,000.00           5.720%             4.6667%        $11,433.33
      8566473         $129,500.00           5.595%             6.7500%         $8,741.25
      8566483         $176,400.00           5.970%             0.5000%          $882.00
      8566493         $301,000.00           5.845%             2.5833%         $7,775.83
      8566495         $322,700.00           5.470%             8.8333%        $28,505.17
      8566537         $125,600.00           5.220%            13.0000%        $16,328.00
      8566913         $440,000.00           5.970%             0.5000%         $2,200.00
      8567197         $285,000.00           5.470%             8.8333%        $25,175.00
      8567703         $381,000.00           5.845%             2.5833%         $9,842.50
      8567901         $203,600.00           5.845%             2.5833%         $5,259.67
      8568331         $187,900.00           5.845%             2.5833%         $4,854.08
      8568897         $108,000.00           5.970%             0.5000%          $540.00
      8568907         $215,000.00           5.970%             0.5000%         $1,075.00
      8568909         $152,000.00           5.720%             4.6667%         $7,093.33
      8568919         $276,000.00           5.720%             4.6667%        $12,880.00
      8568929         $584,000.00           5.970%             0.5000%         $2,920.00
      8568949         $254,000.00           5.845%             2.5833%         $6,561.67
      8568967         $230,000.00           5.970%             0.5000%         $1,150.00
      8569013         $140,000.00           5.845%             2.5833%         $3,616.67
      8569029         $552,000.00           5.720%             4.6667%        $25,760.00
      8569035         $143,450.00           5.720%             4.6667%         $6,694.33
      8569091         $138,800.00           5.970%             0.5000%          $694.00
      8569129         $144,000.00           5.845%             2.5833%         $3,720.00
      8569255         $105,600.00           5.845%             2.5833%         $2,728.00
      8569345         $121,500.00           5.845%             2.5833%         $3,138.75
      8569463         $505,600.00           5.845%             2.5833%        $13,061.33
      8569553         $110,000.00           5.720%             4.6667%         $5,133.33
      8569575         $121,500.00           5.970%             0.5000%          $607.50
      8569579         $203,000.00           5.845%             2.5833%         $5,244.17
      8569581         $105,600.00           5.845%             2.5833%         $2,728.00
      8569609         $129,500.00           5.720%             4.6667%         $6,043.33

 Wednesday, April 23, 2003                                                    Page 12 of 15

      8569621         $248,000.00           5.970%             0.5000%         $1,240.00
      8569693         $150,000.00           5.720%             4.6667%         $7,000.00
      8569717         $175,000.00           5.845%             2.5833%         $4,520.83
      8569773         $190,000.00           5.720%             4.6667%         $8,866.67
      8569785         $180,000.00           5.845%             2.5833%         $4,650.00
      8569919         $346,400.00           5.970%             0.5000%         $1,732.00
      8571227         $181,000.00           5.970%             0.5000%          $905.00
      8571471         $66,000.00            5.720%             4.6667%         $3,080.00
      8572981         $119,350.00           5.970%             0.5000%          $596.75
      8573215         $225,000.00           5.595%             6.7500%        $15,187.50
      8573265         $216,000.00           5.970%             0.5000%         $1,080.00
      8573331         $270,000.00           5.845%             2.5833%         $6,975.00
      8573385         $440,000.00           5.845%             2.5833%        $11,366.67
      8573911         $525,000.00           5.970%             0.5000%         $2,625.00
      8574151         $505,000.00           5.845%             2.5833%        $13,045.83
      8576553         $120,000.00           5.720%             4.6667%         $5,600.00
      8577053         $149,600.00           5.970%             0.5000%          $748.00
      8577103         $210,000.00           5.720%             4.6667%         $9,800.00
      8577113         $140,000.00           5.720%             4.6667%         $6,533.33
      8577189         $236,000.00           5.970%             0.5000%         $1,180.00
      8578261         $234,000.00           5.595%             6.7500%        $15,795.00
      8579821         $149,600.00           5.970%             0.5000%          $748.00
      8579895         $345,000.00           5.845%             2.5833%         $8,912.50
      8579901         $200,000.00           5.595%             6.7500%        $13,500.00
      8580357         $200,000.00           5.595%             6.7500%        $13,500.00
      8580361         $92,700.00            5.720%             4.6667%         $4,326.00
      8580365         $131,000.00           5.845%             2.5833%         $3,384.17
      8580373         $164,500.00           5.720%             4.6667%         $7,676.67
      8580399         $110,800.00           5.845%             2.5833%         $2,862.33
      8580403         $108,000.00           5.720%             4.6667%         $5,040.00
      8580407         $105,000.00           5.720%             4.6667%         $4,900.00
      8580415         $137,250.00           5.470%             8.8333%        $12,123.75
      8580433         $121,600.00           5.845%             2.5833%         $3,141.33
      8580509         $487,525.69           5.845%             2.5833%        $12,594.41
      8580519         $190,000.00           5.970%             0.5000%          $950.00
      8580541         $177,000.00           5.970%             0.5000%          $885.00
      8581115         $192,000.00           5.595%             6.7500%        $12,960.00
      8581145         $228,000.00           5.845%             2.5833%         $5,890.00
      8581153         $96,000.00            5.720%             4.6667%         $4,480.00
      8581179         $200,800.00           5.845%             2.5833%         $5,187.33
      8581183         $244,000.00           5.720%             4.6667%        $11,386.67
      8581209         $79,500.00            5.720%             4.6667%         $3,710.00
      8581241         $70,500.00            5.970%             0.5000%          $352.50
      8581701         $208,000.00           5.970%             0.5000%         $1,040.00
      8582011         $260,000.00           5.720%             4.6667%        $12,133.33
      8582115         $137,600.00           5.970%             0.5000%          $688.00
      8582221         $140,576.53           5.595%             6.7500%         $9,488.92
      8582225         $166,500.00           5.970%             0.5000%          $832.50
      8582605         $112,800.00           5.845%             2.5833%         $2,914.00
      8582825         $178,000.00           5.845%             2.5833%         $4,598.33
      8582899         $278,900.00           5.595%             6.7500%        $18,825.75
      8582905         $123,000.00           5.595%             6.7500%         $8,302.50
      8582935         $195,000.00           5.595%             6.7500%        $13,162.50
      8583013         $165,600.00           5.720%             4.6667%         $7,728.00
      8583341         $168,000.00           5.720%             4.6667%         $7,840.00
      8583475         $260,000.00           5.845%             2.5833%         $6,716.67
      8583999         $171,000.00           5.970%             0.5000%          $855.00

 Wednesday, April 23, 2003                                                    Page 13 of 15
      8584423         $217,500.00           5.845%             2.5833%         $5,618.75
      8584447         $107,200.00           5.720%             4.6667%         $5,002.67
      8584451         $208,000.00           5.720%             4.6667%         $9,706.67
      8584559         $457,000.00           5.970%             0.5000%         $2,285.00
      8587009         $110,000.00           5.845%             2.5833%         $2,841.67
      8587025         $129,000.00           5.345%            10.9167%        $14,082.50
      8587049         $236,900.00           5.595%             6.7500%        $15,990.75
      8587059         $178,750.00           5.595%             6.7500%        $12,065.63
      8587089         $96,000.00            5.595%             6.7500%         $6,480.00
      8587109         $229,000.00           5.720%             4.6667%        $10,686.67
      8587657         $135,000.00           5.470%             8.8333%        $11,925.00
      8587699         $210,000.00           5.970%             0.5000%         $1,050.00
      8587709         $167,000.00           5.470%             8.8333%        $14,751.67
      8587721         $190,000.00           5.470%             8.8333%        $16,783.33
      8587729         $221,000.00           5.845%             2.5833%         $5,709.17
      8587737         $200,000.00           5.845%             2.5833%         $5,166.67
      8587827         $600,000.00           5.720%             4.6667%        $28,000.00
      8588027         $140,000.00           5.720%             4.6667%         $6,533.33
      8588067         $106,000.00           5.845%             2.5833%         $2,738.33
      8588105         $380,000.00           5.720%             4.6667%        $17,733.33
      8588135         $147,000.00           5.720%             4.6667%         $6,860.00
      8588211         $649,289.25           5.845%             2.5833%        $16,773.31
      8588513         $585,000.00           5.845%             2.5833%        $15,112.50
      8588531         $110,800.00           5.845%             2.5833%         $2,862.33
      8588553         $76,800.00            5.970%             0.5000%          $384.00
      8588583         $186,400.00           5.845%             2.5833%         $4,815.33
      8588585         $264,000.00           5.720%             4.6667%        $12,320.00
      8588671         $300,000.00           5.720%             4.6667%        $14,000.00
      8588685         $117,500.00           5.595%             6.7500%         $7,931.25
      8588753         $230,400.00           5.470%             8.8333%        $20,352.00
      8588757         $137,029.00           5.595%             6.7500%         $9,249.46
      8588883         $188,000.00           5.845%             2.5833%         $4,856.67
      8589325         $230,000.00           5.720%             4.6667%        $10,733.33
      8589637         $232,900.00           5.845%             2.5833%         $6,016.58
      8590259         $320,000.00           5.970%             0.5000%         $1,600.00
      8590453         $499,900.00           5.845%             2.5833%        $12,914.08
      8590563         $173,200.00           5.720%             4.6667%         $8,082.67
      8591477         $120,000.00           5.970%             0.5000%          $600.00
      8591581         $196,500.00           5.970%             0.5000%          $982.50
      8592315         $150,500.00           5.595%             6.7500%        $10,158.75
      8592503         $252,000.00           5.970%             0.5000%         $1,260.00
      8593263         $144,750.00           5.720%             4.6667%         $6,755.00
      8593309         $146,250.00           5.595%             6.7500%         $9,871.88
      8593659         $303,900.00           5.595%             6.7500%        $20,513.25
      8593835         $198,300.00           5.595%             6.7500%        $13,385.25
      8594353         $400,000.00           5.970%             0.5000%         $2,000.00
      8594939         $250,000.00           5.970%             0.5000%         $1,250.00
      8595145         $155,500.00           5.595%             6.7500%        $10,496.25
      8595175         $165,500.00           5.595%             6.7500%        $11,171.25
      8597177         $219,000.00           5.720%             4.6667%        $10,220.00
      8597289         $480,000.00           5.845%             2.5833%        $12,400.00
      8597349         $368,000.00           5.845%             2.5833%         $9,506.67
      8597559         $200,000.00           5.845%             2.5833%         $5,166.67
      8597685         $128,000.00           5.845%             2.5833%         $3,306.67
      8598021         $314,700.00           5.845%             2.5833%         $8,129.75
      8598651         $108,000.00           5.970%             0.5000%          $540.00
      8601139         $245,446.00           5.720%             4.6667%        $11,454.15

 Wednesday, April 23, 2003                                                    Page 14 of 15
      8601969         $100,400.00           5.845%             2.5833%         $2,593.67
      8604697         $420,000.00           5.845%             2.5833%        $10,850.00
      8610389         $109,893.09           5.845%             2.5833%         $2,838.90
      8610653         $170,100.00           5.845%             2.5833%         $4,394.25
      8611079         $320,000.00           5.845%             2.5833%         $8,266.67
      8611787         $110,000.00           5.845%             2.5833%         $2,841.67
      8616231         $204,000.00           5.970%             0.5000%         $1,020.00
      8622709         $139,774.58           5.595%             6.7500%         $9,434.78
      8622719         $143,853.19           5.595%             6.7500%         $9,710.09
      8622739         $376,000.00           5.595%             6.7500%        $25,380.00

 Wednesday, April 23, 2003                                                    Page 15 of 15

</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
(a) the number and  aggregate  principal  balances  of  Mortgage  Loans that are
Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number
and aggregate  principal balance of Mortgage Loans that are in foreclosure,  (b)
the number and  aggregate  principal  balances of Reportable  Modified  Mortgage
Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days
and the number and aggregate  principal balance of Reportable  Modified Mortgage
Loans that are in  foreclosure  and are REO  Property,  indicating  in each case
capitalized  Mortgage Loans,  other Servicing  Modifications and totals, and (c)
for all Reportable  Modified  Mortgage  Loans,  the number and aggregate  Stated
Principal  Balance  of  Reportable   Modified  Mortgage  Loans  that  have  been
liquidated, the subject of pay-offs and that have been repurchased by the Master
Servicer or Seller;

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

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;
<PAGE>

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the  Pass-Through  Rates on the Floater  Certificates and Inverse Floater
Certificates for such Distribution Date,  separately  identifying LIBOR for such
Distribution Date;

(xiv)  the  Notional  Amount  with  respect  to  each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

(xv) the occurrence of the Credit Support Depletion Date;

(xvi) the related Senior Accelerated  Distribution Percentage applicable to such
distribution;

(xvii) the related Senior Percentage for such Distribution Date;

(xviii) the aggregate amount of Realized Losses for such Distribution Date;

(xix) the aggregate amount of any recoveries on previously foreclosed loans from
Sellers due to a breach of a representation  or warranty assigned to the Trustee
pursuant to Section 2.04;

(xx) the weighted average remaining term to maturity of the Mortgage Loans after
giving effect to the amounts distributed on such Distribution Date; and

(xxi) the weighted  average  Mortgage  Rates of the Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, and assistance in using the website, can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                                 EXECUTION COPY

================================================================================

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2003

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

================================================================================
<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                        PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................32

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........33

        Section 2.01. Conveyance of Mortgage Loans.........................................33

        Section 2.02. Acceptance by Trustee................................................39

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................40

        Section 2.04. Representations and Warranties of Sellers............................42

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                Certificates Evidencing Interests in REMIC I Certificates..................44

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                Acceptance by the Trustee..................................................44

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............44

        Section 2.08. Purposes and Powers of the Trust.....................................44

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................45

        Section 3.01. Master Servicer to Act as Servicer...................................45

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                Enforcement of Subservicers' and Sellers' Obligations......................46
        Section 3.03. Successor Subservicers...............................................47

        Section 3.04. Liability of the Master Servicer.....................................48

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                Certificateholders ........................................................48

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 48

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                Account ...................................................................49

        Section 3.08. Subservicing Accounts; Servicing Accounts............................51

        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                Loans .....................................................................53

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................53

                                        i

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder55

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...56

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................57

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................59

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................63

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............64

        Section 3.17. Reports to the Trustee and the Company...............................65

        Section 3.18. Annual Statement as to Compliance....................................65

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............66

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............66

        Section 3.21. Administration of Buydown Funds......................................67

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................68

        Section 4.01. Certificate Account..................................................68

        Section 4.02. Distributions........................................................68

        Section 4.03. Statements to Certificateholders; Statements to Rating Agencies;
                Exchange Act Reporting.....................................................68

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances
                by the Master Servicer.............. ......................................70

        Section 4.05. Allocation of Realized Losses........................................72

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........72

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................72

        Section 4.08. Surety Bond..........................................................72

Article V         THE CERTIFICATES.........................................................74

        Section 5.01. The Certificates.....................................................74

        Section 5.02. Registration of Transfer and Exchange of Certificates................76

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................81

        Section 5.04. Persons Deemed Owners................................................82

        Section 5.05. Appointment of Paying Agent..........................................82

                                        ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................83

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........83

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................83

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 84

        Section 6.04. Company and Master Servicer Not to Resign............................85

Article VII       DEFAULT..................................................................86

        Section 7.01. Events of Default....................................................86

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................88

        Section 7.03. Notification to Certificateholders...................................89

        Section 7.04. Waiver of Events of Default..........................................89

Article VIII      CONCERNING THE TRUSTEE...................................................90

        Section 8.01. Duties of Trustee....................................................90

        Section 8.02. Certain Matters Affecting the Trustee................................91

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................93

        Section 8.04. Trustee May Own Certificates.........................................93

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.93

        Section 8.06. Eligibility Requirements for Trustee.................................94

        Section 8.07. Resignation and Removal of the Trustee...............................95

        Section 8.08. Successor Trustee....................................................95

        Section 8.09. Merger or Consolidation of Trustee...................................96

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................96

        Section 8.11. Appointment of Custodians............................................97

        Section 8.12. Appointment of Office or Agency......................................98

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................99

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
                Termination Upon Purchase by the Master Servicer or Liquidation of All
                Mortgage Loans........ ....................................................99

                        iii
<PAGE>

        Section 9.02. Additional Termination Requirements.................................102

        Section 9.03. Termination of Multiple REMICs......................................103

Article X         REMIC PROVISIONS........................................................104

        Section 10.01.REMIC Administration................................................104

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....107

        Section 10.03.Designation of REMIC(s).............................................108

Article XI        MISCELLANEOUS PROVISIONS................................................109

        Section 11.01.Amendment...........................................................109

        Section 11.02.Recordation of Agreement; Counterparts..............................111

        Section 11.03.Limitation on Rights of Certificateholders..........................112

        Section 11.04.Governing Law.......................................................112

        Section 11.05.Notices.............................................................113

        Section 11.06.Required Notices to Rating Agency and Subservicer...................114

        Section 11.07.Severability of Provisions..........................................114

        Section 11.08.Supplemental Provisions for Resecuritization........................114

        Section 11.09.Allocation of Voting Rights.........................................114

        Section 11.10.No Petition.........................................................114

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to Section 11.01(e) for a
                      Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form
Exhibit O:            Form of Form 10-K Certification
Exhibit P:            Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:            Information to be Provided by the Master Servicer to the Rating Agencies Relating to
                      Reportable Modified Mortgage Loans

</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO Property and (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

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

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

        Addendum  and   Assignment   Agreement:   The  Addendum  and  Assignment
Agreement, dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

        Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  Master
Servicer, pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

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

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan

                                       4
<PAGE>

Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such
amount shall be determined  separately for each Loan Group.  Additionally,  with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on
any Distribution  Date  Compensating  Interest provided pursuant to this Section
3.16(e) is less than  Prepayment  Interest  Shortfalls  incurred on the Mortgage
Loans in connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, such Compensating  Interest shall be allocated on such
Distribution Date to the Available  Distribution Amount for each Loan Group on a
pro rata basis in  accordance  with the  respective  amounts of such  Prepayment
Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect
of such Distribution Date.

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

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

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the Mortgage  Loans during the prior calendar month and reimbursed to
the  Master  Servicer  or  Subservicer  on or  prior to such  Distribution  Date
pursuant  to  Section  3.10(a)(vii),   plus  the  Capitalization   Reimbursement
Shortfall Amount remaining  unreimbursed  from any prior  Distribution  Date and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

        Certificate  Account  Deposit Date:  As to any  Distribution  Date,  the
Business Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

                                       6
<PAGE>

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

        Certificate  Principal Balance:  With respect to each Certificate (other
than any Interest Only  Certificate),  on any date of  determination,  an amount
equal to:

         (i)   the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

         (ii)  any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iv)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

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

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

        Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

                                       7
<PAGE>

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Commission:  The Securities and Exchange Commission.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced  pursuant to Section  7.02(a) except as may be required  pursuant to the
last sentence of such Section.

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

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

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

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,

                                       8
<PAGE>

each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

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

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

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments  of principal  due on or prior  thereto (or due during the month of
the Cut-off Date), whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

                                       9
<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

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

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

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                       10
<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

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

        Due Period:  With respect to any Distribution Date, the one-month period
set forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating

                                       11
<PAGE>

assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then pplicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.
        ------------

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.      by any  government or sovereign  power,  de jure or de facto,  or by any
        authority maintaining or using military, naval or air forces; or

                                       12
<PAGE>

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)     any weapon of war employing atomic fission or radioactive  force whether
        in time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

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

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

        FASIT: A "financial asset  securitization  investment  trust" within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.
        ----

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

        Fitch:  Fitch Ratings or its successor in interest.
        -----

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

        Form 10-K Certification:  As defined in Section 4.03(e).

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

                                       13
<PAGE>

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

        Insurer:  Any named  insurer under any Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

                                       14
<PAGE>

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

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

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

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

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero,  with the latest  priority  for payments  pursuant to Section
4.02(a),  in the following  order:  Class B-3,  Class B-2, Class B-1, Class M-3,
Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

                                       15
<PAGE>

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

        MIN: The Mortgage  Identification  Number for Mortgage Loans  registered
with MERS on the MERS(R) System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

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

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative

                                       16
<PAGE>

Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

        Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.

        Mortgage  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.
        ---------

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

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

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

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

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer or Subservicer in respect of a Mortgage Loan (other
than a Deleted  Mortgage  Loan) which,  in the good faith judgment of the Master
Servicer,  will not,  or,  in the case of a  proposed  Advance,  would  not,  be
ultimately  recoverable  by the Master  Servicer from related Late  Collections,
Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds or amounts reimbursable
to the Master Servicer  pursuant to Section  4.02(a) hereof.  To the extent that
any Mortgagor is not obligated  under the related  Mortgage  documents to pay or
reimburse  any  portion of any  Servicing  Advances  that are  outstanding  with
respect  to the  related  Mortgage  Loan as a result of a  modification  of such
Mortgage Loan by the Master  Servicer,  which forgives  amounts which the Master
Servicer  or  Subservicer  had  previously  advanced,  and the  Master  Servicer
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing  Advances  shall be deemed to be  Nonrecoverable
Advances.  The  determination  by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable   Advance  or  that  any  proposed  Advance  would  constitute  a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate delivered
to the Company, the Trustee and any Certificate Insurer.

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

                                       17
<PAGE>

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

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

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)     obligations  of or guaranteed as to principal and interest by the United
        States or any agency or  instrumentality  thereof when such  obligations
        are backed by the full faith and credit of the United States;

(ii)    repurchase  agreements on  obligations  specified in clause (i) maturing
        not more than one month from the date of acquisition  thereof,  provided
        that the unsecured  obligations of the party agreeing to repurchase such
        obligations  are at the time rated by each Rating  Agency in its highest
        short-term rating available;

                                       18
<PAGE>

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv)    commercial  paper and demand notes  (having  original  maturities of not
        more than 365 days) of any  corporation  incorporated  under the laws of
        the United States or any state thereof which on the date of  acquisition
        has been rated by each Rating  Agency in its highest  short-term  rating
        available;  provided that such  commercial  paper shall have a remaining
        maturity of not more than 30 days;

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

(vi)    other  obligations  or  securities  that are  acceptable  to each Rating
        Agency as a  Permitted  Investment  hereunder  and will not  reduce  the
        rating assigned to any Class of Certificates by such Rating Agency below
        the lower of the  then-current  rating or the  rating  assigned  to such
        Certificates as of the Closing Date by such Rating Agency,  as evidenced
        in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

                                       19
<PAGE>

        Permitted  Transferee:  Any Transferee of a Class R  Certificate,  other
than a Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

        Pledged  Amount:  With respect to any Pledged Asset Loan,  the amount of
money  remitted  to Combined  Collateral  LLC,  at the  direction  of or for the
benefit of the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

        Pool  Stated  Principal  Balance:  As  to  any  Distribution  Date,  the
aggregate of the Stated Principal Balances of each Mortgage Loan.

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

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest

                                       20
<PAGE>

(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
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

        Primary  Insurance  Policy:  Each  primary  policy of mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

        Principal Only  Certificates:  A Class of  Certificates  not entitled to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

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

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

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate

                                       21
<PAGE>

               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

          (v)  comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

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

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO

                                       22
<PAGE>

               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer with respect to related Advances,  Servicing Advances
               or other expenses as to which the Master  Servicer or Subservicer
               is entitled to  reimbursement  thereunder but which have not been
               previously reimbursed,

        (b)    which is the  subject of a  Servicing  Modification,  (i) (1) the
               amount by which the interest  portion of a Monthly Payment or the
               principal  balance of such  Mortgage  Loan was reduced or (2) the
               sum of any other  amounts owing under the Mortgage Loan that were
               forgiven  and  that  constitute   Servicing   Advances  that  are
               reimbursable  to the Master  Servicer or a Subservicer,  and (ii)
               any such amount  with  respect to a Monthly  Payment  that was or
               would have been due in the month immediately  following the month
               in which a Principal  Prepayment  or the  Purchase  Price of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

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

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

                                       23
<PAGE>

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

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

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

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such

                                       24
<PAGE>

Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

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

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary,  any  Trust  Officer  or  Assistant  Trust  Officer  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily  performing functions similar to those performed by any of the above
designated officers to whom, with respect to a particular matter, such matter is
referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

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

        Seller:  As to any Mortgage Loan, a Person,  including any  Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with

                                       25
<PAGE>

respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

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

provided, however,
--------  -------

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       26
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

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

        Senior Certificate:  As defined in the Series Supplement.
        ------------------

        Senior Percentage: As defined in the Series Supplement.
        -----------------

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

        Series:  All  of the  Certificates  issued  pursuant  to a  Pooling  and
Servicing Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

        Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  in the
performance  of its servicing  obligations,  including,  but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment,  (ii)
any enforcement or judicial proceedings,  including foreclosures,  including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                       27
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which, in the judgment of the Master Servicer, default is reasonably foreseeable
in accordance with Section 3.07(a).

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

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard & Poor's:  Standard & Poor's Ratings  Services,  a division of The
McGraw-Hill Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time,  (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance  of the  Mortgage  Loan  has  been  increased  pursuant  to a  Servicing
Modification,  minus (ii) the sum of (a) the  principal  portion of the  Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

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

                                       28
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

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

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

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

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

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

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

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

                                       29
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

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

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

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

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)     the  Mortgage  Loans  and the  related  Mortgage  Files  and  collateral
        securing such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

                                       30
<PAGE>

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

        Voting  Rights:  The  portion  of  the  voting  rights  of  all  of  the
Certificates  which is  allocated  to any  Certificate,  and  more  specifically
designated in Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       31
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.
               ----------------------------

(a)     The Company,  concurrently with the execution and delivery hereof,  does
        hereby assign to the Trustee without  recourse all the right,  title and
        interest  of the Company in and to the  Mortgage  Loans,  including  all
        interest and principal received on or with respect to the Mortgage Loans
        after the Cut-off Date (other than  payments of  principal  and interest
        due on the  Mortgage  Loans  in the  month  of  the  Cut-off  Date).  In
        connection  with such transfer and  assignment,  the Company does hereby
        deliver to the Trustee the Certificate  Policy (as defined in the Series
        Supplement), if any.

(b)     In  connection  with such  assignment,  except  as set forth in  Section
        2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby
        deliver to, and deposit  with,  the Trustee,  or to and with one or more
        Custodians,  as the duly  appointed  agent or agents of the  Trustee for
        such purpose,  the following documents or instruments (or copies thereof
        as permitted by this  Section) (I) with respect to each Mortgage Loan so
        assigned (other than a Cooperative Loan):

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

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

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

                                       32
<PAGE>

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

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

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

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

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

(v)     The Security Agreement;

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

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

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

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

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c)     The Company may, in lieu of delivering the original of the documents set
        forth  in  Section  2.01(b)(I)(ii),  (iii),  (iv)  and (v)  and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted

                                       33
<PAGE>

        by Section  2.01(b))  to the  Trustee or the  Custodian  or  Custodians,
        deliver such documents to the Master  Servicer,  and the Master Servicer
        shall  hold  such  documents  in trust  for the use and  benefit  of all
        present and future Certificateholders until such time as is set forth in
        the next sentence.  Within thirty Business Days following the earlier of
        (i) the receipt of the original of all of the  documents or  instruments
        set forth in Section  2.01(b)(I)(ii),  (iii),  (iv) and (v) and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted
        by such Section) for any Mortgage Loan and (ii) a written request by the
        Trustee to deliver  those  documents  with  respect to any or all of the
        Mortgage  Loans  then  being  held by the  Master  Servicer,  the Master
        Servicer  shall deliver a complete set of such  documents to the Trustee
        or the  Custodian or  Custodians  that are the duly  appointed  agent or
        agents of the Trustee.

(d)     Notwithstanding  the provisions of Section  2.01(c),  in connection with
        any Mortgage  Loan,  if the Company  cannot  deliver the original of the
        Mortgage,   any  assignment,   modification,   assumption  agreement  or
        preferred  loan  agreement  (or copy  thereof  as  permitted  by Section
        2.01(b))  with  evidence  of  recording  thereon  concurrently  with the
        execution and delivery of this  Agreement  because of (i) a delay caused
        by  the  public  recording  office  where  such  Mortgage,   assignment,
        modification,  assumption  agreement or preferred  loan agreement as the
        case may be, has been delivered for recordation,  or (ii) a delay in the
        receipt  of  certain  information   necessary  to  prepare  the  related
        assignments,  the Company  shall deliver or cause to be delivered to the
        Trustee or the respective Custodian a copy of such Mortgage, assignment,
        modification, assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage

                                       34
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,

                                       35
<PAGE>

including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate and Cooperative Lease, (ii) with respect to each Mortgage Loan other
than a Cooperative  Loan, the related Mortgage Note and Mortgage,  and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       36
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.
               ---------------------

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section

                                       37
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the

                                       38
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

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

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

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

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

(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;

                                       39
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

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

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       40
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.
               -----------------------------------------

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       41
<PAGE>

Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

               As provided in Section 2.05 of the Series Supplement.

                                       42
<PAGE>

Section  2.06.  Conveyance  of  Uncertificated  REMIC  I and  REMIC  II  Regular
Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.
               --------------------------------

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b) to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       43
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.
               ----------------------------------

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.

                                       44
<PAGE>

The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer

                                       45
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.
               ----------------------

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

                                       46
<PAGE>

made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.
               --------------------------------

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.
               ---------------------------------------------------------------

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

(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.

                                       47
<PAGE>

Section 3.07.  Collection of Certain Mortgage Loan Payments;
                      Deposits to Custodial Account.
                      -----------------------------

(a)     The Master  Servicer  shall  make  reasonable  efforts  to  collect  all
        payments  called  for under the terms  and  provisions  of the  Mortgage
        Loans, and shall, to the extent such procedures shall be consistent with
        this  Agreement  and the terms and  provisions  of any  related  Primary
        Insurance Policy,  follow such collection  procedures as it would employ
        in its good faith  business  judgment  and which are normal and usual in
        its  general  mortgage   servicing   activities.   Consistent  with  the
        foregoing,  the Master Servicer may in its discretion (i) waive any late
        payment  charge  or  any  prepayment   charge  or  penalty  interest  in
        connection  with the  prepayment  of a Mortgage Loan and (ii) extend the
        Due Date for  payments  due on a Mortgage  Loan in  accordance  with the
        Program Guide;  provided,  however, that the Master Servicer shall first
        determine that any such waiver or extension will not impair the coverage
        of any related Primary  Insurance Policy or materially  adversely affect
        the lien of the related Mortgage.  In the event of any such arrangement,
        the Master Servicer shall make timely  advances on the related  Mortgage
        Loan during the  scheduled  period in accordance  with the  amortization
        schedule of such Mortgage Loan without modification thereof by reason of
        such  arrangements  unless  otherwise  agreed to by the  Holders  of the
        Classes of Certificates  affected thereby;  provided,  however,  that no
        such   extension   shall  be  made  if  any  such  advance  would  be  a
        Nonrecoverable Advance. Consistent with the terms of this Agreement, the
        Master Servicer may also waive,  modify or vary any term of any Mortgage
        Loan or consent to the  postponement of strict  compliance with any such
        term or in any manner grant indulgence to any Mortgagor if in the Master
        Servicer's  determination  such waiver,  modification,  postponement  or
        indulgence   is  not   materially   adverse  to  the  interests  of  the
        Certificateholders (taking into account any estimated Realized Loss that
        might result absent such  action);  provided,  however,  that the Master
        Servicer may not modify  materially or permit any  Subservicer to modify
        any Mortgage Loan,  including  without  limitation any modification that
        would change the Mortgage Rate,  forgive the payment of any principal or
        interest  (unless in  connection  with the  liquidation  of the  related
        Mortgage Loan or except in  connection  with  prepayments  to the extent
        that  such  reamortization  is not  inconsistent  with the  terms of the
        Mortgage  Loan),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance of the Mortgage
        Loan, or extend the final  maturity date of such Mortgage  Loan,  unless
        such  Mortgage  Loan is in  default  or, in the  judgment  of the Master
        Servicer,  such default is reasonably  foreseeable;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off  Date,  but not  less  than the sum of the  rates  at which  the
        Servicing  Fee and the  Subservicing  Fee with respect to such  Mortgage
        Loan accrues plus the rate at which the premium paid to the  Certificate
        Insurer,  if any, accrues,  (2) the final maturity date for any Mortgage
        Loan shall not be  extended  beyond the  Maturity  Date,  (3) the Stated
        Principal  Balance of all Reportable  Modified Mortgage Loans subject to
        Servicing   Modifications   (measured  at  the  time  of  the  Servicing
        Modification and after giving effect to any Servicing  Modification) can
        be no more than five percent of the aggregate  principal  balance of the
        Mortgage  Loans as of the Cut-off  Date,  unless such limit is increased
        from  time to time  with the  consent  of the  Rating  Agencies  and the
        Certificate  Insurer,  if any.  In  addition,  any  amounts  owing  on a
        Mortgage  Loan  added  to the  outstanding  principal  balance  of  such
        Mortgage  Loan must be fully  amortized  over the term of such  Mortgage
        Loan, and such amounts may be added to the outstanding principal balance
        of a  Mortgage  Loan only once  during the life of such  Mortgage  Loan.
        Also, the addition of such amounts  described in the preceding  sentence

                                       48
<PAGE>

        shall be  implemented  in  accordance  with the Program Guide and may be
        implemented  only by Subservicers  that have been approved by the Master
        Servicer for such  purpose.  In  connection  with any  Curtailment  of a
        Mortgage Loan, the Master Servicer,  to the extent not inconsistent with
        the terms of the Mortgage  Note and local law and  practice,  may permit
        the Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
        recalculated as an amount that will fully amortize the remaining  Stated
        Principal  Balance  thereof by the original  Maturity  Date based on the
        original Mortgage Rate; provided, that such re-amortization shall not be
        permitted if it would  constitute a reissuance  of the Mortgage Loan for
        federal income tax purposes,  except if such  reissuance is described in
        Treasury Regulation Section 1.860G-2(b)(3).

(b)     The Master Servicer shall establish and maintain a Custodial  Account in
        which the Master  Servicer  shall  deposit or cause to be deposited on a
        daily  basis,  except as otherwise  specifically  provided  herein,  the
        following payments and collections  remitted by Subservicers or received
        by it in respect of the Mortgage  Loans  subsequent  to the Cut-off Date
        (other than in respect of principal  and interest on the Mortgage  Loans
        due on or before the Cut-off Date):

(i)     All payments on account of principal,  including  Principal  Prepayments
        made by Mortgagors on the Mortgage Loans and the principal  component of
        any  Subservicer  Advance or of any REO Proceeds  received in connection
        with an REO Property for which an REO Disposition has occurred;

(ii)    All payments on account of interest at the Adjusted Mortgage Rate on the
        Mortgage  Loans,  including  Buydown  Funds,  if any,  and the  interest
        component of any Subservicer  Advance or of any REO Proceeds received in
        connection  with  an REO  Property  for  which  an REO  Disposition  has
        occurred;

(iii)   Insurance Proceeds,  Subsequent Recoveries and Liquidation Proceeds (net
        of any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

(vi)    All amounts  transferred  from the Certificate  Account to the Custodial
        Account in accordance with Section 4.02(a);

(vii)   Any  amounts  realized  by the  Subservicer  and  received by the Master
        Servicer in respect of any Additional Collateral; and

(viii)  Any  amounts  received  by the  Master  Servicer  in  respect of Pledged
        Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in

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<PAGE>

the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

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

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

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<PAGE>

shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. 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.

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<PAGE>

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

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

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.
               --------------------------------------------------

(a)  The  Master  Servicer  may,  from  time to time as  provided  herein,  make
     withdrawals  from the  Custodial  Account of  amounts  on  deposit  therein
     pursuant to Section 3.07 that are  attributable  to the Mortgage  Loans for
     the following purposes:

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

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     Advances,  Servicing  Advances or other  expenses made pursuant to Sections
     3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or otherwise reimbursable
     pursuant  to the  terms of this  Agreement,  such  withdrawal  right  being
     limited to amounts received on the related Mortgage Loans  (including,  for
     this purpose,  REO Proceeds,  Insurance Proceeds,  Liquidation Proceeds and
     proceeds  from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
     2.03,  2.04 or 4.07)  which  represent  (A)  Late  Collections  of  Monthly
     Payments  for which any such  advance  was made in the case of  Subservicer
     Advances or Advances pursuant to Section 4.04 and (B) recoveries of amounts
     in  respect  of which  such  advances  were  made in the case of  Servicing
     Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate

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<PAGE>

     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection  (c) below,  and any  Advance or  Servicing  Advance  made in
        connection  with a modified  Mortgage Loan that is in default or, in the
        judgment  of the  Master  Servicer,  default is  reasonably  foreseeable
        pursuant to Section 3.07(a),  to the extent the amount of the Advance or
        Servicing  Advance  was added to the  Stated  Principal  Balance  of the
        Mortgage Loan in the prior calendar month,  or any Advance  reimbursable
        to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)     to withdraw any amount  deposited in the Custodial  Account that was not
        required to be deposited therein pursuant to Section 3.07.

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<PAGE>

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

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

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

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<PAGE>

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

                                       55
<PAGE>

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

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

(a)     When any  Mortgaged  Property is conveyed by the  Mortgagor,  the Master
        Servicer  or  Subservicer,  to the  extent  it  has  knowledge  of  such
        conveyance,  shall  enforce  any  due-on-sale  clause  contained  in any
        Mortgage Note or Mortgage,  to the extent permitted under applicable law
        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.

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<PAGE>

(b)     Subject to the Master Servicer's duty to enforce any due-on-sale  clause
        to the  extent  set  forth in  Section  3.13(a),  in any case in which a
        Mortgaged  Property is to be conveyed  to a Person by a  Mortgagor,  and
        such Person is to enter into an assumption or modification  agreement or
        supplement to the Mortgage Note or Mortgage which requires the signature
        of the Trustee,  or if an instrument of release signed by the Trustee is
        required  releasing the Mortgagor  from  liability on the Mortgage Loan,
        the Master  Servicer is authorized,  subject to the  requirements of the
        sentence  next  following,  to  execute  and  deliver,  on behalf of the
        Trustee,  the assumption agreement with the Person to whom the Mortgaged
        Property is to be conveyed and such modification agreement or supplement
        to the Mortgage Note or Mortgage or other  instruments as are reasonable
        or necessary to carry out the terms of the Mortgage  Note or Mortgage or
        otherwise to comply with any applicable  laws  regarding  assumptions or
        the  transfer  of the  Mortgaged  Property  to  such  Person;  provided,
        however,  none of such terms and requirements  shall either (i) both (A)
        constitute  a  "significant   modification"  effecting  an  exchange  or
        reissuance  of such  Mortgage  Loan under the REMIC  Provisions  and (B)
        cause any portion of any REMIC  formed  under the Series  Supplement  to
        fail to  qualify  as a REMIC  under  the  Code or  (subject  to  Section
        10.01(f)),   result  in  the   imposition  of  any  tax  on  "prohibited
        transactions" or (ii) constitute "contributions" after the start-up date
        under the REMIC  Provisions.  The  Master  Servicer  shall  execute  and
        deliver such  documents  only if it reasonably  determines  that (i) its
        execution  and delivery  thereof  will not conflict  with or violate any
        terms of this  Agreement or cause the unpaid balance and interest on the
        Mortgage Loan to be uncollectible in whole or in part, (ii) any required
        consents of insurers  under any Required  Insurance  Policies  have been
        obtained  and  (iii)  subsequent  to  the  closing  of  the  transaction
        involving the assumption or transfer (A) the Mortgage Loan will continue
        to be  secured by a first  mortgage  lien  pursuant  to the terms of the
        Mortgage,  (B) such  transaction  will not adversely affect the coverage
        under any Required Insurance Policies,  (C) the Mortgage Loan will fully
        amortize  over the remaining  term thereof,  (D) no material term of the
        Mortgage Loan (including the interest rate on the Mortgage Loan) will be
        altered nor will the term of the Mortgage Loan be changed and (E) if the
        seller/transferor  of the  Mortgaged  Property  is to be  released  from
        liability  on the  Mortgage  Loan,  such  release will not (based on the
        Master Servicer's or Subservicer's good faith  determination)  adversely
        affect  the  collectability  of  the  Mortgage  Loan.  Upon  receipt  of
        appropriate instructions from the Master Servicer in accordance with the
        foregoing,  the Trustee shall execute any necessary instruments for such
        assumption  or  substitution  of liability as directed in writing by the
        Master Servicer.  Upon the closing of the  transactions  contemplated by
        such  documents,  the Master  Servicer shall cause the originals or true
        and correct copies of the assumption agreement, the release (if any), 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

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<PAGE>

        related  Cooperative  Apartment)  without any right of  reimbursement or
        other similar  matters if it has  determined,  exercising its good faith
        business judgment in the same manner as it would if it were the owner of
        the related  Mortgage  Loan,  that the security  for, and the timely and
        full  collectability  of,  such  Mortgage  Loan  would not be  adversely
        affected  thereby  and that any  portion of any REMIC  formed  under the
        Series Supplement would not fail to continue to qualify as a REMIC under
        the Code as a result  thereof and (subject to Section  10.01(f)) that no
        tax on "prohibited  transactions" or  "contributions"  after the startup
        day would be  imposed  on any such  REMIC as a result  thereof.  Any fee
        collected  by  the  Master  Servicer  or  the  related  Subservicer  for
        processing  such a request  will be retained  by the Master  Servicer or
        such Subservicer as additional servicing compensation.

(d)     Subject to any other  applicable terms and conditions of this Agreement,
        the  Trustee  and  Master  Servicer  shall be  entitled  to  approve  an
        assignment in lieu of  satisfaction  with respect to any Mortgage  Loan,
        provided the obligee with respect to such Mortgage Loan  following  such
        proposed  assignment  provides  the Trustee and Master  Servicer  with a
        "Lender  Certification  for  Assignment  of  Mortgage  Loan" in the form
        attached hereto as Exhibit M, in form and substance  satisfactory to the
        Trustee  and Master  Servicer,  providing  the  following:  (i) that the
        substance of the  assignment is, and is intended to be, a refinancing of
        such  Mortgage;  (ii) that the  Mortgage  Loan  following  the  proposed
        assignment  will have a rate of interest at least 0.25 percent  below or
        above the rate of interest on such  Mortgage Loan prior to such proposed
        assignment;  and (iii)  that such  assignment  is at the  request of the
        borrower under the related Mortgage Loan. Upon approval of an assignment
        in lieu of  satisfaction  with respect to any Mortgage  Loan, the Master
        Servicer  shall receive cash in an amount equal to the unpaid  principal
        balance of and  accrued  interest on such  Mortgage  Loan and the Master
        Servicer shall treat such amount as a Principal  Prepayment in Full with
        respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.
               -----------------------------------------

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section  3.07.  Alternatively,  the Master  Servicer  may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
a short sale (a payoff of the  Mortgage  Loan for an amount  less than the total
amount  contractually  owed in  order  to  facilitate  a sale  of the  Mortgaged
Property by the  Mortgagor) or permitting a short  refinancing  (a payoff of the
Mortgage  Loan for an amount less than the total  amount  contractually  owed in
order to facilitate  refinancing  transactions  by the Mortgagor not involving a
sale of the Mortgaged  Property),  (ii)  arranging for a repayment plan or (iii)
agreeing to a modification  in accordance  with Section 3.07. In connection with
such foreclosure or other conversion, the Master Servicer shall, consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable,  as shall be  normal  and  usual in its  general  mortgage  servicing
activities and as shall be required or permitted by the Program Guide;  provided
that the Master  Servicer  shall not be liable in any respect  hereunder  if the
Master  Servicer  is acting in  connection  with any such  foreclosure  or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer,  however,  shall not be required to expend its own funds or
incur  other  reimbursable  charges  in  connection  with  any  foreclosure,  or

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<PAGE>

attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and

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<PAGE>

conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

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<PAGE>

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

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<PAGE>

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

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

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as 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

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<PAGE>

Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

Section 3.16.  Servicing and Other Compensation; Compensating Interest.
               ---------------------------------------------------------

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

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<PAGE>

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

Section 3.17.  Reports to the Trustee and the Company.
               --------------------------------------

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.
               ---------------------------------

        The Master  Servicer  will  deliver to the Company and the Trustee on or
before the earlier of (a) March 31 of each year,  beginning with the first March
31 that occurs at least six months after the Cut-off Date or (b) with respect to
any  calendar  year during  which the  Company's  annual  report on Form 10-K is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the date on which the annual report on Form 10-K
is required to be filed in  accordance  with the  Exchange Act and the rules and
regulations of the  Commission,  an Officers'  Certificate  stating,  as to each
signer  thereof,  that (i) a review of the  activities  of the  Master  Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material

                                       64
<PAGE>

respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months  after the Cut-off  Date,  or
(b) with respect to any calendar year during which the  Company's  annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the Master Servicer at its expense shall cause a
firm of independent public  accountants,  which shall be members of the American
Institute of Certified  Public  Accountants,  to furnish a report to the Company
and the  Trustee  stating  its  opinion  that,  on the  basis of an  examination
conducted by such firm substantially in accordance with standards established by
the American  Institute of Certified  Public  Accountants,  the assertions  made
pursuant  to  Section  3.18  regarding  compliance  with the  minimum  servicing
standards  set forth in the Uniform  Single  Attestation  Program  for  Mortgage
Bankers  during the  preceding  calendar  year are fairly stated in all material
respects,  subject to such  exceptions  and other  qualifications  that,  in the
opinion of such  firm,  such  accounting  standards  require  it to  report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.
               --------------------------------------------------------

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or

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<PAGE>

liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of  reimbursement.  The Trustee or its Affiliates are permitted to receive
compensation that could be deemed to be in the Trustee's economic  self-interest
for (i) serving as investment  adviser (with respect to investments made through
its  Affiliates),  administrator,  shareholder  servicing  agent,  custodian  or
sub-custodian with respect to certain of the Permitted  Investments,  (ii) using
Affiliates to effect  transactions  in certain  Permitted  Investments and (iii)
effecting transactions in certain Permitted Investments.

Section 4.02.  Distributions.
               -------------

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03. Statements to  Certificateholders;  Statements to Rating Agencies;
     Exchange Act Reporting.

               (a)   Concurrently   with  each   distribution   charged  to  the
Certificate  Account  and with  respect  to each  Distribution  Date the  Master
Servicer  shall forward to the Trustee and the Trustee  shall either  forward by

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<PAGE>

mail or make  available  to each  Holder  and  the  Company,  via the  Trustee's
internet  website,  a  statement  (and  at  its  option,  any  additional  files
containing  the  same  information  in  an  alternative  format)  setting  forth
information  as to each Class of  Certificates,  the  Mortgage  Pool and, if the
Mortgage Pool is comprised of two or more Loan Groups,  each Loan Group,  to the
extent  applicable.  This statement will include the information set forth in an
exhibit to the Series  Supplement.  Such exhibit  shall set forth the  Trustee's
internet website address together with a phone number. The Trustee shall mail to
each Holder that requests a paper copy by telephone a paper copy via first class
mail.  The  Trustee  may modify the  distribution  procedures  set forth in this
Section   provided  that  such   procedures  are  no  less  convenient  for  the
Certificateholders. The Trustee shall provide prior notification to the Company,
the Master Servicer and the Certificateholders  regarding any such modification.
In addition,  the Master  Servicer  shall provide to any manager of a trust fund
consisting of some or all of the  Certificates,  upon reasonable  request,  such
additional  information as is reasonably obtainable by the Master Servicer at no
additional  expense to the Master  Servicer.  Also,  at the  request of a Rating
Agency,  the Master  Servicer  shall  provide  the  information  relating to the
Reportable  Modified Mortgage Loans substantially in the form attached hereto as
Exhibit Q to such Rating  Agency within a reasonable  period of time;  provided,
however,  that the  Master  Servicer  shall  not be  required  to  provide  such
information more than four times in a calendar year to any Rating Agency.

               (b)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Certificate,  other  than a Class R
Certificate, a statement containing the information set forth in clauses (i) and
(ii) of the exhibit to the Series Supplement referred to in subsection (a) above
aggregated  for such calendar year or applicable  portion  thereof  during which
such Person was a  Certificateholder.  Such  obligation  of the Master  Servicer
shall  be  deemed  to have  been  satisfied  to the  extent  that  substantially
comparable  information shall be provided by the Master Servicer pursuant to any
requirements of the Code.

               (c)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Class R  Certificate,  a  statement
containing the applicable  distribution  information  provided  pursuant to this
Section 4.03  aggregated  for such calendar year or applicable  portion  thereof
during  which  such  Person  was  the  Holder  of a Class  R  Certificate.  Such
obligation of the Master  Servicer shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the Master
Servicer pursuant to any requirements of the Code.

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

               (e) The Master  Servicer shall, on behalf of the Depositor and in
respect of the Trust Fund,  sign and cause to be filed with the  Commission  any
periodic  reports required to be filed under the provisions of the Exchange Act,

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<PAGE>

and the rules and regulations of the Commission  thereunder.  In connection with
the  preparation and filing of such periodic  reports,  the Trustee shall timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution  to the  Certificateholders  as  required  pursuant  to the  Series
Supplement. Neither the Master Servicer nor the Trustee shall have any liability
with respect to the Master  Servicer's  failure to properly prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection  with this Section 4.03(e) shall include a  certification,  signed by
the senior officer in charge of the servicing  functions of the Master Servicer,
in the form  attached  as Exhibit O hereto or such other form as may be required
or permitted by the Commission  (the "Form 10-K  Certification"),  in compliance
with  Rules  13a-14  and  15d-14  under  the  Exchange  Act and  any  additional
directives of the Commission.  In connection  with the Form 10-K  Certification,
the Trustee  shall  provide  the Master  Servicer  with a back-up  certification
substantially in the form attached hereto as Exhibit P. This Section 4.03(e) may
be  amended  in  accordance  with this  Agreement  without  the  consent  of the
Certificateholders.

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

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which

                                       69
<PAGE>

Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

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<PAGE>

Section 4.05.  Allocation of Realized Losses.
               -----------------------------

                             As   provided   in  Section   4.05  of  the  Series
Supplement.

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

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.
               ----------------------------------------------

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.
               -----------

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment

                                       71
<PAGE>

in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.

(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be

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deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.
               ------------------------------------------------------

(a)            The  Trustee  shall  cause  to be kept at one of the  offices  or
               agencies to be  appointed by the Trustee in  accordance  with the
               provisions  of  Section  8.12 a  Certificate  Register  in which,
               subject to such reasonable  regulations as it may prescribe,  the
               Trustee shall provide for the registration of Certificates and of
               transfers and exchanges of Certificates as herein  provided.  The
               Trustee is  initially  appointed  Certificate  Registrar  for the
               purpose of registering  Certificates  and transfers and exchanges
               of Certificates as herein provided. The Certificate Registrar, or
               the Trustee,  shall provide the Master  Servicer with a certified
               list of  Certificateholders  as of each  Record Date prior to the
               related Determination Date.

(b)            Upon surrender for registration of transfer of any Certificate at
               any office or agency of the Trustee  maintained  for such purpose
               pursuant to Section 8.12 and, in the case of any Class M, Class B
               or Class R Certificate,  upon  satisfaction of the conditions set
               forth  below,  the  Trustee  shall  execute  and the  Certificate
               Registrar  shall  authenticate  and  deliver,  in the name of the
               designated   transferee   or   transferees,   one  or  more   new
               Certificates   of  a  like  Class  (or  Subclass)  and  aggregate
               Percentage Interest.

(c)            At the  option  of the  Certificateholders,  Certificates  may be
               exchanged for other Certificates of authorized denominations of a
               like Class (or Subclass) and aggregate Percentage Interest,  upon
               surrender of the  Certificates to be exchanged at any such office
               or agency.  Whenever  any  Certificates  are so  surrendered  for
               exchange the Trustee shall execute and the Certificate  Registrar
               shall  authenticate  and deliver the  Certificates  of such Class
               which the  Certificateholder  making the  exchange is entitled to
               receive.  Every Certificate presented or surrendered for transfer
               or  exchange  shall  (if  so  required  by  the  Trustee  or  the
               Certificate  Registrar) be duly endorsed by, or be accompanied by
               a written  instrument  of  transfer in form  satisfactory  to the
               Trustee  and the  Certificate  Registrar  duly  executed  by, the
               Holder thereof or his attorney duly authorized in writing.

(d)            No  transfer,  sale,  pledge  or other  disposition  of a Class B
               Certificate  shall be made unless such transfer,  sale, pledge or
               other disposition is exempt from the registration requirements of
               the Securities Act of 1933, as amended,  and any applicable state
               securities  laws or is made in accordance with said Act and laws.
               In the event that a transfer  of a Class B  Certificate  is to be
               made either (i)(A) the Trustee shall require a written Opinion of
               Counsel  acceptable to and in form and substance  satisfactory to
               the  Trustee  and the  Company  that  such  transfer  may be made
               pursuant to an exemption, describing the applicable exemption and
               the  basis  therefor,  from  said Act and  laws or is being  made
               pursuant to said Act and laws, which Opinion of Counsel shall not
               be an expense of the Trustee,  the Company or the Master Servicer
               (except  that,  if such  transfer  is made by the  Company or the
               Master  Servicer  or any  Affiliate  thereof,  the Company or the
               Master  Servicer  shall  provide such Opinion of Counsel at their
               own  expense);  provided that such Opinion of Counsel will not be
               required  in  connection  with the  initial  transfer of any such
               Certificate  by the  Company  or  any  Affiliate  thereof  to the
               Company or an Affiliate of the Company and (B) the Trustee  shall
               require  the  transferee  to  execute  a  representation  letter,
               substantially  in the form of Exhibit H hereto,  and the  Trustee
               shall require the transferor to execute a representation  letter,
               substantially in the form of Exhibit I hereto, each acceptable to
               and in form and  substance  satisfactory  to the  Company and the
               Trustee  certifying  to the  Company  and the  Trustee  the facts
               surrounding such transfer, which representation letters shall not
               be an expense of the Trustee, the Company or the Master Servicer;
               provided,  however, that such representation  letters will not be

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<PAGE>

               required in connection with any transfer of any such  Certificate
               by the  Company or any  Affiliate  thereof  to the  Company or an
               Affiliate  of the Company,  and the Trustee  shall be entitled to
               conclusively rely upon a representation  (which, upon the request
               of the  Trustee,  shall  be a  written  representation)  from the
               Company,  of the status of such transferee as an Affiliate of the
               Company or (ii) the prospective  transferee of such a Certificate
               shall be  required to provide  the  Trustee,  the Company and the
               Master Servicer with an investment  letter  substantially  in the
               form of  Exhibit J  attached  hereto  (or such  other form as the
               Company  in  its  sole  discretion   deems   acceptable),   which
               investment  letter  shall not be an expense of the  Trustee,  the
               Company  or the  Master  Servicer,  and which  investment  letter
               states  that,  among  other  things,  such  transferee  (A)  is a
               "qualified  institutional  buyer" as  defined  under  Rule  144A,
               acting for its own account or the  accounts  of other  "qualified
               institutional  buyers"  as defined  under  Rule 144A,  and (B) is
               aware  that  the  proposed  transferor  intends  to  rely  on the
               exemption from registration requirements under the Securities Act
               of 1933,  as amended,  provided  by Rule 144A.  The Holder of any
               such  Certificate  desiring  to effect any such  transfer,  sale,
               pledge or other  disposition  shall,  and does  hereby  agree to,
               indemnify the Trustee,  the Company,  the Master Servicer and the
               Certificate  Registrar  against any liability  that may result if
               the transfer,  sale, pledge or other disposition is not so exempt
               or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any Class B or Class R  Certificate  presented  for
          registration  in the name of any Person,  either (A) the Trustee shall
          require an Opinion of Counsel  acceptable to and in form and substance
          satisfactory  to the Trustee,  the Company and the Master  Servicer to
          the  effect  that the  purchase  or holding of such Class B or Class R
          Certificate is permissible  under  applicable law, will not constitute
          or result in any non-exempt  prohibited  transaction under Section 406
          of the Employee  Retirement  Income  Security Act of 1974,  as amended
          ("ERISA"),  or Section 4975 of the Code (or  comparable  provisions of
          any  subsequent  enactments),  and will not subject the  Trustee,  the
          Company  or  the  Master  Servicer  to  any  obligation  or  liability
          (including  obligations or liabilities  under ERISA or Section 4975 of
          the Code) in addition to those  undertaken  in this  Agreement,  which
          Opinion of Counsel shall not be an expense of the Trustee, the Company
          or the Master  Servicer  or (B) the  prospective  Transferee  shall be
          required to provide the Trustee,  the Company and the Master  Servicer
          with a  certification  to the  effect  set forth in  paragraph  six of
          Exhibit H (with  respect  to any  Class B  Certificate)  or  paragraph
          fifteen of  Exhibit  G-1 (with  respect  to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the

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<PAGE>

          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.
          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  PTE 2000-58,  65
               Fed. Reg.  67765  (November 13, 2000),  and PTE 2002-41,  67 Fed.
               Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and that it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to 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,  the Underwriters and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

(f)            (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.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

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

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)           The Trustee will register the Transfer of any Class R Certificate
               only  if it  shall  have  received  the  Transfer  Affidavit  and
               Agreement,  a certificate of the Holder  requesting such transfer
               in the form attached  hereto as Exhibit G-2 and all of such other
               documents as shall have been  reasonably  required by the Trustee
               as a condition  to such  registration.  Transfers  of the Class R
               Certificates  to  Non-United   States  Persons  and  Disqualified
               Organizations (as defined in Section  860E(e)(5) of the Code) are
               prohibited.

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<PAGE>

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

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

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

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<PAGE>

(v)  The  provisions of this Section  5.02(f) set forth prior to this clause (v)
     may be modified,  added to or  eliminated,  provided  that there shall have
     been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

(g)  No  service   charge  shall  be  made  for  any  transfer  or  exchange  of
     Certificates  of any Class,  but the Trustee  may require  payment of a sum
     sufficient to cover any tax or  governmental  charge that may be imposed in
     connection with any transfer or exchange of Certificates.

(h)  All  Certificates  surrendered for transfer and exchange shall be destroyed
     by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.
               ---------------------

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.
               ---------------------------

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

                                       81
<PAGE>

ARTICLE VI

<PAGE>

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.
               --------------------------------------------------------------

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

                                       82
<PAGE>

prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.
               -----------------------------------------

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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<PAGE>

                                  ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.
               -----------------

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)     the Master  Servicer shall fail to distribute or cause to be distributed
        to the Holders of Certificates of any Class any distribution required to
        be made  under  the  terms of the  Certificates  of such  Class and this
        Agreement and, in either case,  such failure shall  continue  unremedied
        for a period of 5 days after the date upon which written  notice of such
        failure, requiring such failure to be remedied, shall have been given to
        the  Master  Servicer  by the  Trustee  or the  Company or to the Master
        Servicer,  the Company and the Trustee by the Holders of Certificates of
        such Class  evidencing  Percentage  Interests  aggregating not less than
        25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, 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

                                       85
<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.
               ----------------------------------------------------

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the

                                       87
<PAGE>

transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.
               -----------------------------------

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

                                       88
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c)     No provision of this Agreement shall be construed to relieve the Trustee
        from liability for its own negligent  action,  its own negligent failure
        to act or its own willful misconduct; provided, however, that:

     (i)  Prior to the  occurrence of an Event of Default,  and after the curing
          or waiver of all such Events of Default which may have  occurred,  the
          duties and  obligations  of the Trustee shall be determined  solely by
          the express  provisions  of this  Agreement,  the Trustee shall not be
          liable except for the  performance  of such duties and  obligations as
          are specifically set forth in this Agreement,  no implied covenants or
          obligations shall be read into this Agreement against the Trustee and,
          in the  absence of bad faith on the part of the  Trustee,  the Trustee
          may  conclusively  rely,  as to the  truth of the  statements  and the
          correctness of the opinions expressed  therein,  upon any certificates
          or  opinions  furnished  to the  Trustee by the  Company or the Master

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          Servicer and which on their face, do not contradict  the  requirements
          of this Agreement;

     (ii) The Trustee  shall not be  personally  liable for an error of judgment
          made in good faith by a Responsible Officer or Responsible Officers of
          the Trustee,  unless it shall be proved that the Trustee was negligent
          in ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

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

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

Section 8.02.  Certain Matters Affecting the Trustee.
               -------------------------------------

(a)     Except as otherwise provided in Section 8.01:

(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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<PAGE>

(ii)    The Trustee may consult with counsel and any Opinion of Counsel shall be
        full and complete  authorization and protection in respect of any action
        taken or  suffered  or  omitted  by it  hereunder  in good  faith and in
        accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi) The Trustee may  execute any of the trusts or powers  hereunder  or perform
     any duties  hereunder either directly or by or through agents or attorneys;
     and

(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

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<PAGE>

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

(b)     Following the issuance of the Certificates, the Trustee shall not accept
        any  contribution of assets to the Trust Fund unless (subject to Section
        10.01(f)) it shall have  obtained or been  furnished  with an Opinion of
        Counsel  to the  effect  that such  contribution  will not (i) cause any
        portion  of any REMIC  formed  under the  Series  Supplement  to fail to
        qualify as a REMIC at any time that any  Certificates are outstanding or
        (ii) cause the Trust Fund to be subject to any  federal  tax as a result
        of such  contribution  (including  the  imposition of any federal tax on
        "prohibited transactions" imposed under Section 860F(a) of the Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

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

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

(a)     The Master  Servicer  covenants and agrees to pay to the Trustee and any
        co-trustee  from time to time, and the Trustee and any co-trustee  shall
        be entitled to, reasonable  compensation  (which shall not be limited by
        any  provision of law in regard to the  compensation  of a trustee of an
        express  trust)  for  all  services  rendered  by  each  of  them in the
        execution  of  the  trusts  hereby  created  and  in  the  exercise  and
        performance of any of the powers and duties hereunder of the Trustee and
        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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<PAGE>

(b)     The Master Servicer agrees to indemnify the Trustee for, and to hold the
        Trustee  harmless  against,  any loss,  liability  or  expense  incurred
        without  negligence or willful misconduct on the Trustee's part, arising
        out of, or in connection with, the acceptance and  administration of the
        Trust Fund, including the costs and expenses (including reasonable legal
        fees and expenses) of defending  itself  against any claim in connection
        with the  exercise or  performance  of any of its powers or duties under
        this Agreement and the Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.
               ------------------------------------

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

Section 8.07.  Resignation and Removal of the Trustee.
               --------------------------------------

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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<PAGE>

written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

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

Section 8.08.  Successor Trustee.
               -----------------

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the

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<PAGE>

successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.
               ----------------------------------

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

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

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
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.

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<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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<PAGE>

Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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<PAGE>

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

        If such right is exercised by the Master  Servicer,  the Master Servicer
shall be deemed to have been reimbursed for the full amount of any  unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer shall provide to the Trustee the  certification  required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b)     The Master  Servicer shall give the Trustee not less than 60 days' prior
        notice of the Distribution Date on which the Master Servicer anticipates
        that the final distribution will be made to Certificateholders  (whether
        as a result  of the  exercise  by the  Master  Servicer  of its right to
        purchase  the  assets of the Trust  Fund or  otherwise)  or on which the
        Master Servicer  anticipates that the Certificates will be purchased (as
        a  result  of the  exercise  by the  Master  Servicer  to  purchase  the
        outstanding  Certificates).  Notice of any  termination  specifying  the
        anticipated  Final  Distribution  Date (which shall be a date that would
        otherwise be a Distribution Date) upon which the  Certificateholders may
        surrender their Certificates to the Trustee (if so required by the terms
        hereof) for payment of the final distribution and cancellation or notice
        of  any  purchase  of  the  outstanding  Certificates,   specifying  the
        Distribution   Date  upon  which  the   Holders  may   surrender   their
        Certificates to the Trustee for payment,  shall be given promptly by the
        Master Servicer (if it is exercising its right to purchase the assets of
        the Trust Fund or to purchase the outstanding  Certificates),  or by the
        Trustee (in any other case) by letter to the  Certificateholders  mailed
        not  earlier  than the 15th day and not  later  than the 25th day of the
        month next preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

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Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised 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

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Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a)     Each  REMIC  that  comprises  the  Trust  Fund  shall be  terminated  in
        accordance with the following additional  requirements,  unless (subject
        to Section  10.01(f)) the Trustee and the Master  Servicer have received
        an Opinion of Counsel  (which Opinion of Counsel shall not be an expense
        of the  Trustee)  to the effect  that the  failure of each such REMIC to
        comply with the requirements of this Section 9.02 will not (i) result in
        the  imposition on the Trust of taxes on "prohibited  transactions,"  as
        described in Section  860F of the Code,  or (ii) cause any such REMIC to
        fail  to  qualify  as a  REMIC  at any  time  that  any  Certificate  is
        outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b)     Each Holder of a Certificate and the Trustee hereby irrevocably approves
        and appoints the Master Servicer as its attorney-in-fact to adopt a plan
        of complete  liquidation for each REMIC at the expense of the Trust Fund
        in accordance with the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.
               --------------------

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

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<PAGE>

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no

                                      104
<PAGE>

event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

                                      105
<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.
               -----------------------------------------------------------------

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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<PAGE>

(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                      107
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.
               ---------

(a)     This  Agreement or any  Custodial  Agreement may be amended from time to
        time by the Company,  the Master  Servicer and the Trustee,  without the
        consent of any of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)   to modify,  eliminate or add to any of its  provisions to such extent as
        shall be necessary or  desirable  to maintain the  qualification  of the
        Trust Fund as a REMIC at all times that any  Certificate  is outstanding
        or to avoid or  minimize  the risk of the  imposition  of any tax on the
        Trust Fund  pursuant to the Code that would be a claim against the Trust
        Fund,  provided  that the Trustee has  received an Opinion of Counsel to
        the effect that (A) such action is  necessary  or  desirable to maintain
        such qualification or to avoid or minimize the risk of the imposition of
        any such tax and (B)  such  action  will  not  adversely  affect  in any
        material respect the interests of any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi)    to make any other  provisions  with  respect  to  matters  or  questions
        arising under this Agreement or such Custodial Agreement which shall not

                                      108
<PAGE>

        be  materially  inconsistent  with  the  provisions  of this  Agreement,
        provided  that such  action  shall not,  as  evidenced  by an Opinion of
        Counsel,  adversely  affect in any material respect the interests of any
        Certificateholder or

               (vii)  to amend  any  provision  herein  or  therein  that is not
        material to any of the Certificateholders.

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

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

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c)     Notwithstanding  any contrary  provision of this Agreement,  the Trustee
        shall not consent to any  amendment  to this  Agreement  unless it shall
        have first received an Opinion of Counsel  (subject to Section  10.01(f)
        and at the expense of the party  seeking such  amendment)  to the effect
        that such  amendment or the exercise of any power  granted to the Master
        Servicer,  the Company or the Trustee in accordance  with such amendment
        will not result in the  imposition of a federal tax on the Trust Fund or
        cause any REMIC created  under the Series  Supplement to fail to qualify
        as a REMIC at any time that any Certificate is outstanding.

(d)     Promptly  after the  execution of any such  amendment  the Trustee shall
        furnish  written  notification of the substance of such amendment to the
        Custodian and each Certificateholder.  It shall not be necessary for the
        consent of  Certificateholders  under this Section  11.01 to approve the
        particular form of any proposed amendment, but it shall be sufficient if
        such  consent  shall  approve  the  substance  thereof.  The  manner  of
        obtaining  such  consents and of  evidencing  the  authorization  of the
        execution  thereof  by  Certificateholders  shall  be  subject  to  such
        reasonable regulations as the Trustee may prescribe.

(e)     The Company shall have the option, in its sole discretion, to obtain and
        deliver to the  Trustee  any  corporate  guaranty,  payment  obligation,
        irrevocable letter of credit,  surety bond,  insurance policy or similar
        instrument or a reserve fund, or any  combination of the foregoing,  for
        the  purpose  of  protecting  the  Holders  of the Class B  Certificates
        against  any or all  Realized  Losses  or  other  shortfalls.  Any  such
        instrument  or fund shall be held by the  Trustee for the benefit of the
        Class B Certificateholders,  but shall not be and shall not be deemed to
        be under any  circumstances  included in the Trust  Fund.  To the extent
        that any such instrument or fund  constitutes a reserve fund for federal

                                      109
<PAGE>

        income tax  purposes,  (i) any reserve fund so  established  shall be an
        outside  reserve fund and not an asset of the Trust Fund,  (ii) any such
        reserve  fund  shall  be  owned  by  the  Company,   and  (iii)  amounts
        transferred  by the Trust Fund to any such reserve fund shall be treated
        as  amounts  distributed  by  the  Trust  Fund  to  the  Company  or any
        successor,  all  within  the  meaning of  Treasury  Regulations  Section
        1.860G-2(h)  as it reads as of the Cut-off Date. In connection  with the
        provision  of any  such  instrument  or  fund,  this  Agreement  and any
        provision hereof may be modified, added to, deleted or otherwise amended
        in any manner that is related or incidental  to such  instrument or fund
        or the  establishment or  administration  thereof,  such amendment to be
        made by written  instrument  executed or consented to by the Company but
        without the consent of any  Certificateholder and without the consent of
        the  Master  Servicer  or the  Trustee  being  required  unless any such
        amendment  would  impose  any  additional  obligation  on, or  otherwise
        adversely  affect the  interests of the Senior  Certificateholders,  the
        Class M  Certificateholders,  the Master  Servicer  or the  Trustee,  as
        applicable;  provided  that the  Company  obtains  (subject  to  Section
        10.01(f))  an  Opinion  of  Counsel  (which  need not be an  opinion  of
        Independent  counsel)  to the effect  that any such  amendment  will not
        cause (a) any  federal  tax to be imposed on the Trust  Fund,  including
        without limitation, any federal tax imposed on "prohibited transactions"
        under  Section  860F(a)(1)  of the Code or on  "contributions  after the
        startup  date" under  Section  860G(d)(1)  of the Code and (b) any REMIC
        created  hereunder  to fail to  qualify  as a REMIC at any time that any
        Certificate  is  outstanding.  In the event that the  Company  elects to
        provide  such  coverage  in the form of a limited  guaranty  provided by
        General Motors  Acceptance  Corporation,  the Company may elect that the
        text of such amendment to this Agreement shall be  substantially  in the
        form attached hereto as Exhibit K (in which case  Residential  Funding's
        Subordinate  Certificate  Loss  Obligation  as described in such exhibit
        shall be established by Residential Funding's consent to such amendment)
        and that the limited  guaranty  shall be  executed in the form  attached
        hereto as Exhibit L, with such  changes as the Company  shall deem to be
        appropriate;  it being  understood  that the  Trustee has  reviewed  and
        approved  the  content of such forms and that the  Trustee's  consent or
        approval to the use thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.
               ---------------------------------------

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

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

                                      110
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.
               -------------------------------------------

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.
               -------------

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      111
<PAGE>

Section 11.05. Notices.
               -------

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.
               --------------------------------------------------

        The Company,  the Master  Servicer or the Trustee,  as  applicable,  (i)
shall  notify  each  Rating  Agency  at such  time as it is  otherwise  required
pursuant  to this  Agreement  to give  notice of the  occurrence  of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below,  (ii)
shall notify the Subservicer at such time as it is otherwise  required  pursuant
to this  Agreement  to give  notice  of the  occurrence  of,  any of the  events
described in clause (a), (b), (c)(1),  (g)(1),  or (i) below, or (iii) provide a
copy to each Rating  Agency at such time as  otherwise  required to be delivered
pursuant to this Agreement of any of the statements described in clauses (e) and
(f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)     (1) the termination or appointment of a successor Master Servicer or (2)
        the termination or appointment of a successor Trustee or a change in the
        majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)     the  statement  required to be delivered to the Holders of each Class of
        Certificates pursuant to Section 4.03,

(f)     the  statements  required to be delivered  pursuant to Sections 3.18 and
        3.19,

(g)     (1) a change in the location of the Custodial Account or (2) a change in
        the location of the Certificate Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

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

(j)  the repurchase of or substitution for any Mortgage Loan,

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

                                      112
<PAGE>

Section 11.07. Severability of Provisions.
               --------------------------

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

Section 11.08. Supplemental Provisions for Resecuritization.
               ---------------------------------------------

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.
               -----------

               As provided in Section 11.10 of the Series Supplement.

                                      113
<PAGE>

                                    EXHIBIT A

FORM OF  CLASS  A  CERTIFICATE,   [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
     [INTEREST ONLY/CLASS A-V] CERTIFICATE

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

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                       1
<PAGE>

Certificate No.                  [        %][Variable] Pass-Through Rate
                --------          --------
                                 [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing    [Percentage Interest:       %]
                                                       ------
Agreement and Cut-off Date:
___________ 1, ____              Aggregate Initial [Certificate Principal
                                 Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:         Amount] [Subclass Notional Amount] of the
_________ 25, ____               Class A-     Certificates:
                                         ----

Master Servicer:                 [Initial] [Certificate Principal
Residential Funding              Balance] [Interest Only/Class A-V] [Subclass]
Corporation                      Notional Amount] of this Certificate:
                                 $                          ]
Assumed Final
Distribution Date:               CUSIP 76110F-
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, 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  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _________________  is the  registered  owner  of the
Percentage  Interest  evidenced by this  Certificate  [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  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

                                       2
<PAGE>

Agreement  dated as specified  above (the  "Agreement")  among the Company,  the
Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass 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  Asset-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

                                       3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

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

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

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                       4
<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all 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.

                                       5
<PAGE>

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

Dated:                                      [_________________________],
                                              as Trustee

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

                          CERTIFICATE OF AUTHENTICATION

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

                                            [---------------------------],
                                                 as Certificate Registrar

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

                                       6
<PAGE>

                                              A-1

                                   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 Asset-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.

                                       7
<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

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

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        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, OR ANY OTHER PERSON,  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,

                                       1
<PAGE>

1994), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
65 Fed. Reg.  67765  (November 13, 2000),  AND PTE 2002-41,  67 Fed. Reg.  54487
(August 22, 2002) (the "RFC Exemption"),  and that it understands that there are
certain conditions to the availability of the RFC Exemption  including that such
Certificate  must be rated,  at the time of purchase,  not lower than "BBB-" (or
its equivalent) by Standard & Poor's, Fitch or Moody's or (C) (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).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  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.

                                       2
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, 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  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _______________  is  the  registered  owner  of  the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
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 specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used

                                       3
<PAGE>

herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  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  Asset-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

                                       4
<PAGE>

funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

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

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

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                       5
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       6
<PAGE>

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

Dated:                                      [____________________________],
                                            as Trustee

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

                          CERTIFICATE OF AUTHENTICATION

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

                                            [-------------------------],
                                                  as Certificate Registrar

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

                                       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 Asset-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.

                                       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-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

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 CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

                                       1
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, 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  Accredit Loans,  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  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, 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
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined

                                       2
<PAGE>

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 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 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

                                       3
<PAGE>

letter,  in the form as described by Section  5.02(e) of 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  Asset-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 more new

                                       4
<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

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

Dated:                                      [_____________________________],
                                   as Trustee

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

                          CERTIFICATE OF AUTHENTICATION

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

                                            [---------------------------],
                                                 as Certificate Registrar

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

                                       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 Asset-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.

                                       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").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

                                       1
<PAGE>

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.

Certificate No.                                   [      ]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                                 %
                                                  --------------

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, 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  Accredit Loans,  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.

                                       2
<PAGE>

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance of all Class R  Certificates,  both as specified
above) in  certain  distributions  with  respect  to the Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, 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 specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the

                                       3
<PAGE>

Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-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.

                                       4
<PAGE>

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

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

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

Dated:                                      [____________________________],
                                            as Trustee

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

                          CERTIFICATE OF AUTHENTICATION

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

                                            [----------------------------],
                                                 as Certificate Registrar

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

                                       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 Asset-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.

                                       7
<PAGE>

                                    EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 20
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

                                  1
<PAGE>

(1)                   Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

(2)                   This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

(3)                   There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

(4)                   Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

b.                    Seller/Servicer's    Representations,    Warranties    and
                      Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

                                      2
<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:
      Telefacsimile Number:  (      )       -
                              ------  ------
9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                       3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                       4
<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= ========================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                       5
<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
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:
     ------------------------

                                       1
<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of
                                    ] [the United States], on behalf of which he
makes this affidavit and
agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

                                      1
<PAGE>

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 either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the Code or if at any time during the taxable
year of the pass-through entity a disqualified organization is the record holder
of an  interest in such  entity.  (For this  purpose,  a "pass  through  entity"
includes a  regulated  investment  company,  a real estate  investment  trust or
common trust fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

8. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

9. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

10. The Owner's Taxpayer Identification Number is .

11. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

                                       2
<PAGE>

12. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

15. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974,  as amended  ("ERISA"),  or Section 4975 of the Code,  or an investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan.

                                       3
<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 .

                                       4
<PAGE>

                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.

                                       5
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;
    The accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
    How the quality, utility, and clarity of the information to be
collected may be enhanced;
    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.
    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.
    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the

                                       6
<PAGE>

REMIC's taxable income.
    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the

                                       7
<PAGE>

restrictions on subsequent transfers of the residual interest.
    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term

                                       8
<PAGE>

rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
    It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev.  Proc.  2001-12  (2001-3  I.R.B.  335) is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

                                       9
<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                           __________   , 20    ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

               This letter is delivered to you in  connection  with the transfer
by (the  "Seller")  to (the  "Purchaser")  of $  Initial  Certificate  Principal
Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series ____-___,
Class R (the  "Certificates"),  pursuant  to  Section  5.02 of the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"), Residential Funding Corporation, as master
servicer  (the  "Master  Servicer"),  and  __________________,  as trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to

                                       10
<PAGE>

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:
                                                  ------------------------------

                                       11
<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                  ______________, 20 ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               (the  "Purchaser")  intends to  purchase  from (the  "Seller")  $
Initial  Certificate  Principal  Balance of Mortgage  Asset-Backed  Pass-Through
Certificates,  Series ____-___,  Class (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.             The Purchaser understands that (a) the Certificates have not been
               and will not be registered or qualified  under the Securities Act
               of 1933, as amended (the "Act") or any state  securities law, (b)
               the  Company  is not  required  to so  register  or  qualify  the
               Certificates,   (c)  the  Certificates  may  be  resold  only  if
               registered and qualified pursuant to the provisions of the Act or
               any  state   securities   law,  or  if  an  exemption  from  such
               registration and qualification is available,  (d) the Pooling and
               Servicing Agreement contains restrictions  regarding the transfer
               of the Certificates  and (e) the Certificates  will bear a legend
               to the foregoing effect.

                                       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

                                       2
<PAGE>

          (as to any of (a) through (e) above) would  constitute a  distribution
          of any Certificate under the Act, that would render the disposition of
          any  Certificate  a  violation  of  Section  5 of the Act or any state
          securities law, or that would require  registration  or  qualification
          pursuant  thereto.  The Purchaser will not sell or otherwise  transfer
          any of the  Certificates,  except in compliance with the provisions of
          the Pooling and Servicing Agreement.

6.             The Purchaser

(a)            is  not  an  employee  benefit  or  other  plan  subject  to  the
               prohibited  transaction  provisions  of the  Employee  Retirement
               Income  Security Act of 1974,  as amended  ("ERISA"),  or Section
               4975 of the Internal Revenue Code of 1986, as amended (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)            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.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                Very truly yours,

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

                                       3
<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                ___________, 20  ___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               In   connection   with  the  sale  by  (the   "Seller")  to  (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates,  Series ____-___, Class (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and __________________,  as trustee (the "Trustee"). The Seller hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

                                       1
<PAGE>

                                Very truly yours,

                                            (Seller)

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

                                       2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                            Description  of  Rule  144A  Securities,   including
numbers:

____________________________________________________________________________

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1.      In connection  with such transfer and in accordance  with the agreements
        pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller
        hereby  certifies  the  following  facts:  Neither the Seller nor anyone
        acting  on  its  behalf  has  offered,  transferred,  pledged,  sold  or
        otherwise disposed of the Rule 144A Securities, any interest in the Rule
        144A Securities or any other similar security to, or solicited any offer
        to buy or accept a  transfer,  pledge or other  disposition  of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar  security  from,  or otherwise  approached  or  negotiated  with
        respect  to the Rule  144A  Securities,  any  interest  in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made any general  solicitation by means of general  advertising or in
        any other  manner,  or taken any other action,  that would  constitute a
        distribution  of the Rule 144A  Securities  under the  Securities Act of
        1933, as amended (the "1933 Act"),  or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  and that the  Seller  has not
        offered the Rule 144A  Securities  to any person other than the Buyer or
        another  "qualified  institutional  buyer" as defined in Rule 144A under
        the 1933 Act.

2.      The Buyer warrants and  represents  to, and covenants  with, the Seller,
        the  Trustee  and the Master  Servicer  (as  defined in the  Pooling and
        Servicing  Agreement (the "Agreement"),  dated as of ___________ 1, ____
        among Residential  Funding  Corporation as Master Servicer,  Residential
        Accredit  Loans,  Inc.  as  depositor  pursuant  to Section  5.02 of the
        Agreement and __________________, as trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

                                       1
<PAGE>

(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.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3. The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; 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.]

4.   This  document  may be  executed  in one or  more  counterparts  and by the

                                       2
<PAGE>

     different parties hereto on separate  counterparts,  each of which, when so
     executed,  shall be deemed to be an original; such counterparts,  together,
     shall constitute one and the same document.

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------

                                       3
<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

--             Corporation,  etc. The Buyer is a corporation (other than a bank,
               savings   and   loan   association   or   similar   institution),
               Massachusetts   or  similar  business  trust,   partnership,   or
               charitable  organization  described  in Section  501(c)(3) of the
               Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

                                       1
<PAGE>

--   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.

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.

                                       2
<PAGE>

                           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:
                                                 -------------------------------

                                       3
<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. 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.

9.  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).

10. 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).

11. 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.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                       4
<PAGE>

13. 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:
                                                 ------------------------------

                                       5
<PAGE>

                                    EXHIBIT K

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b) Subject to  subsection  (c) below,  prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c) Demands for payments  pursuant to this Section  shall be made
prior to the later of the third Business Day prior to each  Distribution Date or
the  related  Determination  Date by the Master  Servicer  with  written  notice
thereof to the Trustee.  The maximum  amount that  Residential  Funding shall be
required to pay pursuant to this Section on any  Distribution  Date (the "Amount
Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws

                                       1
<PAGE>

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
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                       2
<PAGE>

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  supercession  (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  supercession  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.

                                       3
<PAGE>

                                  EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                            ______________, 200   ___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

     WHEREAS,   Residential   Funding   Corporation,   a  Delaware   corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________  (the  "Trustee") as amended by Amendment No. ------ thereto,
dated  as  of  ,  with  respect  to  the  Mortgage   Asset-Backed   Pass-Through
Certificates, ---------------- Series ____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

     1.  Provision of Funds.  (a) GMAC agrees to  contribute  and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related

                                       1
<PAGE>

Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b) The agreement set forth in the preceding  clause (a) shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any 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.

                                       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:

------------------,
    as Trustee

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

RESIDENTIAL ACCREDIT LOANS, INC.

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

                                       3
<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                            , 20
                                        --------------------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:  Mortgage  Asset-Backed  Pass-Through  Certificates,   Series
                    ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee")  to (the  "Lender")  of (the  "Mortgage  Loan")  pursuant  to Section
3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
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

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

                                Very truly yours,

                                            (Lender)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------

                                       1
<PAGE>

                                  EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                    [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.                    [Interest Only/Class A-V]- Certificates,  corresponding to
                      the  following  Uncertificated  REMIC  Regular  Interests:
                      [List numbers  corresponding to the related loans and Pool
                      Strip Rates from the Mortgage Loan Schedule].  The initial
                      Subclass Notional Amount and the Initial Pass-Through Rate
                      on the [Interest  Only/Class A-V]-  Certificates will be $
                      and %, respectively.

2.                    [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

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

                                        1
<PAGE>
                                  EXHIBIT O

                         Form of Form 10-K Certification

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided  to the  Trustee by the Master  Servicer  under the P&S  Agreement  for
inclusion in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S  Agreement  and based upon my  knowledge  and the annual
compliance review required under the P&S Agreement,  and, except as disclosed in
the reports,  the Master  Servicer has fulfilled its  obligations  under the P&S
Agreement; and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the P&S Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:_______________________

____________________________*
Name:
Title:

               *    to be  signed  by  the  senior  officer  in  charge  of  the
                    servicing functions of the Master Servicer

<PAGE>

                                    EXHIBIT P

            [FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE]

     The  undersigned,  a Responsible  Officer of  [_________]  (the  "Trustee")
certifies that:

        (a) The Trustee has performed all of the duties specifically required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated  as of  [_________],  20[__]  (the  "Agreement")  by and  among
[__________], as depositor, Residential Funding Corporation, as master servicer,
and the Trustee in accordance with the standards set forth therein.

        (b) Based on my knowledge,  the list of  Certificateholders  as shown on
the Certificate Register as of the end of each calendar year that is provided by
the  Trustee  pursuant  to the  Agreement  is accurate as of the last day of the
20[__] calendar year.

Capitalized terms used and not defined herein shall have the meanings given such
terms in the Agreement.

     IN WITNESS WHEREOF,  I have duly executed this certificate as of _________,
20__.]

                                      Name:______________________
                                     Title:

                                        1
<PAGE>

                                   EXHIBIT Q

INFORMATION  TO BE  PROVIDED  BY THE  MASTER  SERVICER  TO THE  RATING  AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS

Account number

Transaction Identifier
Unpaid Principal  Balance prior to Modification  Next Due Date Monthly Principal
and Interest  Payment Total Servicing  Advances  Current  Interest Rate Original
Maturity  Date  Original Term to Maturity  (Months)  Remaining  Term to Maturity
(Months)  Trial  Modification  Indicator  Mortgagor  Equity  Contribution  Total
Servicer Advances Trial Modification Term (Months) Trial Modification Start Date
Trial  Modification  End Date Trial  Modification  Period Principal and Interest
Payment Trial Modification  Interest Rate Trial Modification Term Rate Reduction
Indicator  Interest  Rate  Post  Modification  Rate  Reduction  Start  Date Rate
Reduction End Date Rate Reduction Term

Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance  Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification

Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan

                                        1
<PAGE>Exhibit 10.28
-------------

                              EMPLOYMENT AGREEMENT

         This Employment Agreement  ("Agreement") is made effective as of May 1,
2003 ("Effective Date"), by and between Monterey Bay Bancorp,  Inc. ("Company"),
a  corporation  organized  under  the laws of the  State of  Delaware,  with its
principal  executive  offices  located at 567 Auto  Center  Drive,  Watsonville,
California, 95076; and Monterey Bay Bank ("Association"),  a federally chartered
savings and loan association,  a wholly-owned  subsidiary of the Company, and C.
Edward Holden  ("Executive").  This  Agreement  amends and  supersedes all prior
employment  agreements  between  or among  the  Company,  the  Association,  and
Executive.

         WHEREAS,  the  Association  wishes to obtain the services of Executive;
and

         WHEREAS, Executive is willing to serve in the employ of the Association
on a full-time basis;

         NOW,  THEREFORE,  in  consideration  of  the  mutual  covenants  herein
contained,  and upon the other terms and conditions  hereinafter  provided,  the
parties hereby agree as follows:

SECTION 1.  EMPLOYMENT, DUTIES, AND RESPONSIBILITIES

         (a) The Company and  Association  (collectively  "Companies")  agree to
employ the Executive and the Executive  agrees to be employed by the  Companies.
The Executive  shall serve as the President and Chief  Executive  Officer of the
Companies.  The  Executive  also shall hold the position of Vice Chairman of the
Companies' board of directors ("Board"), subject to the Bylaws of the Companies.
The Executive shall be subject to an annual  performance review conducted by the
Board no later than May 1 of each year during the term of this Agreement.

         (b) Except for periods of absence  occasioned  by  illness,  reasonable
vacation periods, and reasonable leaves of absence,  Executive agrees to perform
such duties as may be assigned by the Board,  to devote all of his working  time
to the  business of the  Companies,  and to use his best  efforts to advance the
interests of the Companies and their stockholders including, without limitation,
the  performance  by the  Executive of all  necessary  and  reasonable  services
consistent with his positions of President and Chief Executive Officer,  and, as
the Board may  request  from time to time,  membership  in and  service  to such
organizations  specified by the Board.  However,  the  expenditure of reasonable
amounts of time, for which  Executive shall not be compensated by the Companies,
for educational,  charitable,  or professional  activities shall not be deemed a
breach of this Agreement if those  activities do not  materially  interfere with
the services required of Executive under this Agreement.

                                                                    Page 1 Of 23

<PAGE>

SECTION 2.  TERM OF AGREEMENT

         (a) The Association  agrees to employ the Executive,  and the Executive
agrees to accept employment by the Association, in accordance with the terms and
provisions of this  Agreement,  for the period  commencing on the Effective Date
and continuing for a period of twenty-four (24) full calendar months,  ending on
the second anniversary of the Effective Date ("TERM").

         (b)  Commencing on the first  anniversary  date of the  Agreement,  and
continuing on each  anniversary  thereafter,  the  disinterested  members of the
Board shall extend the Agreement an additional year such that the remaining term
of the Agreement shall be two (2) years unless the Executive or Board elects not
to extend the term of this Agreement by giving written notice to the other party
in accordance with Section 7 and Section 9 of this  Agreement.  If the Agreement
is  extended  pursuant to this  Section 2, the "TERM"  definition  herein  shall
include the period of extension.

SECTION 3.  COMPENSATION AND REIMBURSEMENT.

         (a) During the TERM, the Executive  shall receive a base salary,  which
shall be paid in equal installments on a semi-monthly  basis, at the annual rate
of not less than  $265,225 per year ("Base  Salary").  Base Salary shall include
any  amounts of  compensation  deferred  by  Executive  under any  qualified  or
non-qualified  employee benefit plan maintained by the  Association.  During the
TERM,  Executive's Base Salary shall be reviewed at least annually. Any increase
in Base Salary shall become the Base Salary for purposes of this Agreement.

         (b) In  addition  to the Base  Salary  provided  for by  Section  3(a),
Executive  will be  entitled to  participate  in or receive  benefits  under any
employee  benefit  plans  including  but  not  limited  to,   retirement  plans,
supplemental  retirement  plans,  pension  plans,  employee  stock option plans,
profit-sharing plans,  health-and-accident plans, medical coverage, or any other
employee benefit plan or arrangement currently made available by the Association
or Company or made  available  in the  future to its senior  executives  and key
management  employees,  subject  to and on a basis  consistent  with the  terms,
conditions, and overall administration of such plans and arrangements. Executive
will be entitled to incentive  compensation  and bonuses as provided in any plan
of the  Association  or Company in which  Executive is eligible to  participate.
Nothing paid to the Executive under any such plan or arrangement  will be deemed
to be in lieu of other  compensation  to which the  Executive is entitled  under
this Agreement.

         (c) In  addition to the Base Salary  provided  for by Section  3(a) and
other  compensation  provided for by Section 3(b), the Association  shall pay or
reimburse  Executive  for all  reasonable  travel,  auto  allowance,  and  other
reasonable  business  related  expenses  incurred by Executive in performing his
obligations  under  this  Agreement.  Executive  shall  submit  monthly  to  the
Association a request for reimbursement  together with supporting  documentation
and, if applicable, receipts.

                                                                    Page 2 Of 23

<PAGE>

SECTION 4.  PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

         (a)  If  the   Association   or   Company   terminates,   actually   or
constructively,  the Executive's employment during the TERM for any reason other
than a termination  governed by Section 5 hereof,  or termination  for Cause, as
defined in Section 7 hereof, the Association shall be obligated to pay Executive
within  thirty  (30)  days  after  his  termination,  or,  in the  event  of his
subsequent death, his beneficiary or  beneficiaries,  or his estate, as the case
may be, in a lump sum  amount  equal to (i) the cost of  providing  medical  and
dental coverage through COBRA continuation coverage,  similar to the coverage in
effect at the time of Executive's termination, for a period of one year, (ii) an
amount equal to the then currently  targeted annual bonus as defined in the Cash
Incentive  Bonus Plan of the  Association,  regardless  of the time of year such
termination  occurs and in addition to any annual  bonus earned but not yet paid
for Executive's  services  provided in a prior year, and (iii) the greater of an
amount  equal to one times  Executives  then  current  year's Base Salary or the
Executive's pro-rata Base Salary for the remainder of the TERM of the Agreement.
Such  payments  shall  not be  reduced  in the  event  Executive  obtains  other
employment following  termination of employment.  No payments under this Section
4(a) are to be "grossed up" or otherwise adjusted based upon the personal income
tax consequences to or status of Executive.  No payments under this Section 4(a)
are to be discounted or "present valued" in any manner. If Executive voluntarily
resigns during the term of this  Agreement,  other than in the event of a Change
In Control or Threatened  Change In Control as  hereinafter  defined,  or in the
event of an actual or  constructive  termination  as defined in this  Section 4,
Executive shall not be entitled to receive any payments or benefits beyond those
earned through the date of such voluntary resignation.  Constructive termination
under this Section will be deemed to occur if the  Executive is forced to resign
his employment due to intolerable  conditions as defined by California law or if
Executive  terminates his  employment due to (i) a reduction of the  Executive's
title or status or resulting from a formal change in such title or status,  (ii)
a material  reduction in Executive's  responsibilities,  (iii) the assignment to
the   Executive  of  any  duties   inconsistent   with  his  title,   duties  or
responsibilities   in  effect,   (iv)  a  material   reduction  in   Executive's
compensation or benefits (with material in this regard defined as 5.0% or more),
(v) a relocation of  Executive's  principal  place of employment by more than 30
miles from its location as of the date of this Agreement,  or (vi) a significant
increase in the Executive's travel  requirements such that Executive is required
to travel more than 30 business days per year.

         (b) In the event the  Association is not in compliance with its minimum
regulatory  capital  requirements  or if such payments  pursuant to Section 4(a)
would cause the Association's capital to be reduced below its minimum regulatory
capital  requirements,  such payments or parts thereof,  shall be deferred until
such time as the Association or successor thereto is in capital compliance.

                                                                    Page 3 Of 23

<PAGE>

SECTION 5.  CHANGE IN CONTROL.

         (a) For  purposes  of this  Agreement,  a "Change  in  Control"  of the
Association  or  Company  shall  mean an event of a nature  that:  (i)  would be
required to be reported in response to Item I of the Current Report on Form 8-K,
as in  effect  on the  date  hereof,  pursuant  to  Section  13 or  15(d) of the
Securities  Exchange  Act of 1934 (the  "Exchange  Act");  or (ii)  results in a
Change in Control of the  Association  or the Company  within the meaning of the
Home Owners' Loan Act of 1933 and / or the Rules and Regulations  promulgated by
the Office of Thrift  Supervision  ("OTS") (or its  predecessor  agency),  as in
effect on the date hereof  (provided,  that in applying the definition of change
in control as set forth under the rules and  regulations  of the OTS,  the Board
shall substitute its judgment for that of the OTS); or (iii) without  limitation
such a Change in Control  shall be deemed to have  occurred  at such time as (A)
any  "person"  (as the term is used in Sections  13(d) and 14(d) of the Exchange
Act) is or becomes  the  "beneficial  owner" (as defined in Rule 13d-3 under the
Exchange Act),  directly or indirectly,  of voting securities of the Association
or the Company  representing  25% or more of the  Association's or the Company's
outstanding voting securities or the right to acquire such securities except for
any voting securities of the Association  purchased by the Company in connection
with the  conversion  of the  Association  to the stock form and any  securities
purchased by any tax qualified  employee  benefit plan of the Association or the
Company,  or (B)  individuals  who  constitute the Board on the date hereof (the
"Incumbent  Board")  cease for any  reason  to  constitute  at least a  majority
thereof,  provided  that any person  becoming a director  subsequent to the date
hereof whose election was approved by a vote of at least  three-quarters  of the
directors  comprising the Incumbent  Board, or whose  nomination for election by
the stockholders was approved by the same Nominating  Committee serving under an
Incumbent Board, shall be, for purposes of this clause "B", considered as though
he were a  member  of the  Incumbent  Board,  or (C) a plan  of  reorganization,
merger,  consolidation,  sale  of all or  substantially  all the  assets  of the
Association  or  the  Company  or  similar   transaction  occurs  in  which  the
Association or the Company is not the resulting entity, provided,  however, that
such an event  listed  above  will be  deemed to have  occurred  or to have been
effectuated  upon  the  receipt  of  all  required  regulatory  and  stockholder
approvals not including the lapse of any statutory waiting periods.

         (b) For  purposes  of this  Agreement,  the term  Threatened  Change in
Control ("Threatened Change in Control") shall mean any pending tender offer for
any class of the  Association's  or the  Company's  outstanding  shares,  or any
pending bona fide offer to acquire the  Association  or the Company by merger or
consolidation,  or any other  pending  action or plan to effect,  or which would
lead to, a Change in Control of the  Association  or the Company.  A "Threatened
Change in Control  Period" shall commence on the first day the action  described
in the preceding  sentence  become  manifest and shall end when such actions are
abandoned or the Change in Control occurs.

                                                                    Page 4 Of 23

<PAGE>

         (c) If a Change in Control or Threatened Change in Control has occurred
or the Board  has  determined  that a Change in  Control  has  occurred  and the
Executive's   employment  is  terminated  by  either  a  Voluntary  Resignation,
involuntary termination,  or death: (i) within twenty-four (24) months following
the date of the Change in Control,  (ii) within six (6) months prior to the date
of the Change in Control, or (iii) during a Threatened Change in Control Period,
then the  benefits  described in Section 5(d) below shall be paid or provided to
the Executive.

         (d)  Benefits to be Provided:  If the  Executive  becomes  eligible for
benefits  under  Section  5(c) above,  the  Association  shall pay or provide to
Executive,  or in  the  event  of  his  subsequent  death,  his  beneficiary  or
beneficiaries,  or his estate, as the case may be, the compensation and benefits
("Severance Payments") set forth in this Section 5(d).

                  (i).     Salary:  The  Executive  will continue to receive his
                           current  Base  Salary,   including  auto   allowance,
                           (subject to withholding of all applicable  income and
                           payroll taxes) for a period of thirty-six (36) months
                           from his date of termination in the same manner as it
                           was  being  paid  as  of  the  date  of  termination;
                           provided,  however,  that the  payments  provided for
                           hereunder shall be paid in a single lump sum payment,
                           to  be  paid  not  later   than  30  days  after  his
                           termination of employment.

                  (ii).    Bonuses and  Incentives:  The Executive shall receive
                           bonus   payments   from  the   Association   for  the
                           thirty-six  (36) months  following the month in which
                           his  employment  is  terminated in an amount for each
                           month equal to one-twelfth  of the average  ("Average
                           Bonus")  of the  bonuses  paid  to him  for  the  two
                           calendar  years  immediately  preceding  the  year in
                           which such termination occurs. Any bonus amounts that
                           the   Executive  had   previously   earned  from  the
                           Association  but  which may not yet have been paid as
                           of the date of  termination  shall not be affected by
                           this  provision.   Executive  shall  also  receive  a
                           prorated bonus of any uncompleted  fiscal year at the
                           date  of  termination  equal  to  the  Average  Bonus
                           multiplied  by the  number  of days he worked in such
                           year   divided  by  365  days.   The  bonus   amounts
                           determined  herein  (including the Average Bonus, any
                           previously  earned but unpaid bonus, and the prorated
                           bonus for any uncompleted  fiscal year) shall be paid
                           in a single  lump sum  payment,  to be paid not later
                           than 30 days after termination of employment.

                                                                    Page 5 Of 23

<PAGE>

                  (iii).   Employee Stock  Ownership  Plan: The Executive  shall
                           receive  supplemental  payments from the  Association
                           for the thirty-six (36) months following the month in
                           which his  employment  is terminated in an amount for
                           each month  equal to  one-twelfth  of the fair market
                           value as of December 31 of the  Association's  annual
                           contribution  to its Employee  Stock  Ownership  Plan
                           ("ESOP")  made on his behalf for the Plan year ending
                           immediately preceding his date of termination. If, as
                           of the date of Executive's termination, the Executive
                           is not fully  vested in his  benefit  under the ESOP,
                           the Association  shall also pay to the Executive,  an
                           additional payment equal to the amount of his account
                           under the ESOP which was forfeited as a result of his
                           termination  based upon the fair  market  value as of
                           the  most  recent   December  31.  The   supplemental
                           payments  determined  herein  shall be paid in a lump
                           sum payment,  to be paid not later than 30 days after
                           termination of employment.

                  (iv).    401(k) Plan: The Executive shall receive supplemental
                           payments from the Association for the thirty-six (36)
                           months following the month in which his employment is
                           terminated  in an  amount  for  each  month  equal to
                           one-twelfth  of  the  Association's  annual  matching
                           contribution  to its 401(k) Plan  ("401(k)")  made on
                           Executive's   behalf   for  the  Plan   year   ending
                           immediately preceding his date of termination. If, as
                           of the date of Executive's termination, the Executive
                           is not fully  vested in his benefit  under the 401(k)
                           Plan,   the   Association   shall  also  pay  to  the
                           Executive,  an additional payment equal to the amount
                           of his  account  under  the  401(k)  Plan  which  was
                           forfeited  as  a  result  of  his  termination.   The
                           supplemental payments determined herein shall be paid
                           in a lump sum  payment,  to be paid not later than 30
                           days after termination of employment.

                                                                    Page 6 Of 23

<PAGE>

                  (v).     Health,  Dental,  and Life  Insurance  Coverage:  The
                           health,  dental, and life insurance benefits coverage
                           (including  any executive  medical plan)  provided to
                           the  Executive  at his date of  termination  shall be
                           continued  by the  Association  at the  Association's
                           expense at the same  level and in the same  manner as
                           if his  employment had not  terminated,  beginning on
                           the date of such  termination  and ending on the date
                           thirty-six   (36)   months  from  the  date  of  such
                           termination.  Any additional  coverages the Executive
                           had at  termination,  including  dependent  coverage,
                           will also be  continued  for such  period on the same
                           terms,  to the  extent  permitted  by the  applicable
                           policies or  contracts.  Any costs the  Executive was
                           paying for such  coverages at the time of termination
                           shall  be paid by the  Executive  by  separate  check
                           payable to the Association each month in advance.  If
                           the terms of any  benefit  plan  referred  to in this
                           Section do not permit continued  participation by the
                           Executive,  the  Association  will pay  Executive its
                           costs for providing such coverage  within thirty (30)
                           days prior to the  conclusion of such  coverage.  The
                           coverages  provided  for in  this  Section  shall  be
                           applied against and reduce the period for which COBRA
                           will be  provided.  If the  Executive is covered by a
                           split-dollar or similar life insurance program at the
                           date of termination,  he shall have the option in his
                           sole  discretion to have such policy  transferred  to
                           him upon  termination,  provided that the Association
                           is paid at par value (no premium or discount) for its
                           interest  in the  life  insurance  policy  upon  such
                           transfer.

                  (vi).    Stock  Options:  Upon the  occurrence  of a Change in
                           Control  (whether or not  Executive's  employment  is
                           terminated),  all outstanding  stock options (whether
                           incentive stock options, non-statutory stock options,
                           or  other  type(s)  of  stock  options)   granted  to
                           Executive  under  the  1995  Stock  Option  Plan,  as
                           amended and restated from time to time,  and any such
                           similar stock option plans ("Stock  Option Plans") of
                           the  Association  or Company shall become 100% vested
                           and immediately exercisable. To the extent necessary,
                           the   provisions  of  this  Section   5(d)(vi)  shall
                           constitute  an  amendment  of the  Executive's  stock
                           option agreements under the Stock Option Plans.

                  (vii).   Stock  Awards:  Upon the  occurrence  of a Change  in
                           Control  (whether or not  Executive's  employment  is
                           terminated),  all outstanding stock awards granted to
                           Executive under the 1995 Performance  Equity Plan, as
                           amended and restated from time to time,  and any such
                           similar  stock award plans  ("Stock  Award Plans") as
                           implemented  by the  Association or Company from time
                           to time shall  become  100%  vested  and  immediately
                           distributed.  To the extent necessary, the provisions
                           of  this  Section   5(d)(vii)  shall   constitute  an
                           amendment of the Executive's  stock award  agreements
                           under the Stock Award Plans.

                                                                    Page 7 Of 23

<PAGE>

                  (viii).  Non-Qualified Plans: The Executive shall receive from
                           the Association the nominal  financial  equivalent of
                           thirty  six (36)  months  worth of the  Association's
                           contributions to or payments under (for the exclusive
                           benefit of Executive) any non-qualified  compensation
                           or benefit  plan in effect at the date of a Change In
                           Control  for which  Executive  was a  participant  or
                           beneficiary.

                  (ix).    Employee  Mortgage Loans: The Executive shall receive
                           from  the  Association  or its  successor  or  assign
                           either a continuation  of any employee  mortgage loan
                           rate  discount  in  effect  at the  date of the  loan
                           origination  for a period of the lesser of thirty six
                           months or the  maturity of the  mortgage  loan,  or a
                           payment  equal to the employee  loan rate discount in
                           effect on the date of the loan origination multiplied
                           by three (3) multiplied by the outstanding  principal
                           balance of the employee  mortgage loan on the date of
                           a Change In Control.

                  (x).     Vision, Short Term Disability,  Long Term Disability:
                           The Association  will have no obligation to Executive
                           for coverages  for or payment for vision,  short term
                           disability,  or long term disability  insurance under
                           this Section 5(d).

         (e) In the event the  Association is not in compliance with its minimum
capital  requirements or if such payments would cause the Association's  capital
to be reduced below its minimum regulatory capital  requirements,  such payments
or part  thereof  shall  be  deferred  until  such  time as the  Association  or
successor thereto is in capital compliance. Any such payments under Section 5(d)
shall not be reduced in the event Executive  obtains other employment  following
termination.  No payments  under this  Section  5(d) are to be  "grossed  up" or
otherwise  adjusted based upon the personal income tax consequences to or status
of  Executive.  No payments  under this  Section  5(d) are to be  discounted  or
"present valued" in any manner.

                                                                    Page 8 Of 23

<PAGE>

SECTION 6.  LIMITATION AND ADJUSTMENT OF BENEFITS

         (a) Notwithstanding  anything in this Agreement to the contrary, if, in
the opinion of independent tax  accountants or counsel  selected and retained by
the Companies and reasonably acceptable to the Executive ("Tax Counsel"), any of
the  compensation or benefits  payable,  or to be provided,  to Executive by the
Companies  under  this  Agreement  are  treated as an excess  parachute  payment
("Excess  Severance  Payments") as defined in Section 280G(b)(1) of the Internal
Revenue Code of 1986, as amended  ("Internal Revenue Code") (whether alone or in
conjunction  with  payments  or  benefits  by  the  Companies  outside  of  this
Agreement),  the Companies shall direct Tax Counsel to determine and compare (i)
Executive's  net income after  Executive's  payment of all federal,  state,  and
local taxes assuming that all of the  compensation  and benefits  payable by the
Companies  under  this  Agreement  and all such other  arrangements  are paid to
Executive and Executive pays the "Excise Tax" (as imposed under Internal Revenue
Code  Section  4999);  and (ii)  Executive's  net  income  after  payment of all
federal,  state and local taxes  assuming that the total amount of  compensation
and benefits  payable by the Companies  under this  Agreement and all such other
arrangements  is reduced such that no Excess  Severance  Payments result and the
Excise Tax is not triggered.  If the amount  calculated under (ii) above is less
than 95% of the amount calculated under (i) above, then the full amount due from
the Companies under all such arrangements shall be payable to Executive.  If the
amount  calculated  under (ii)  above is at least 95% of the  amount  calculated
under (i) above,  then the total amount of  compensation  and  benefits  payable
under all such arrangements shall be reduced, as provided in Section 6(b) below,
such that Executive shall receive no Excess Severance Payments and shall have no
personal liability for Excise Tax.

         (b) In the event that the amount of any Severance  Payments,  including
any  benefits,  which would be payable to or for the benefit of Executive  under
this  Agreement  must be  modified  or  reduced to comply  with this  Section 6,
Executive shall direct which  Severance  Payments are to be modified or reduced,
including  allocating a portion of such Severance  Payments as compensation  for
ongoing obligations by Executive pursuant to Section 11; provided, however, that
no  increase in the amount of any payment or change in the timing of the payment
shall be made without the consent of the Companies.

                                                                    Page 9 Of 23

<PAGE>

         (c) This  Section  6 shall be  interpreted  so as to  maximize  the net
after-tax dollar value to Executive. In determining whether any Excess Severance
Payments  exist and the most  advantageous  outcome for  Executive,  the parties
shall take into account all  provisions  of Internal  Revenue Code Section 280G,
and the Regulations thereunder, including making appropriate adjustments to such
calculations for amounts established to be "Reasonable Compensation" as provided
in Section 280G(b)(4) of the Code. The Company, Association, and Executive shall
cooperate  fully with Tax Counsel and provide Tax Counsel with all  compensation
and benefit amounts,  personal tax information,  and other information necessary
or helpful in  calculation  of such net after-tax  amounts.  In the event of any
Internal Revenue Service examination, audit, or other inquiry, the Companies and
Executive  agree to take  action to  provide,  and to  cooperate  in  providing,
evidence to the Internal Revenue Service (and, if applicable,  the state revenue
department) to achieve this goal.

         (d) If it is established  pursuant to a final  determination of a court
or an  Internal  Revenue  Service  proceeding,  or pursuant to an opinion of Tax
Counsel,  that  notwithstanding the good faith of the Companies and Executive in
applying  the terms of this  Section 6, either (i) the amounts paid to Executive
unintentionally  constituted  Excess Severance Payments and triggered the Excise
Tax,  even though the payments to  Executive  were reduced in an effort to avoid
such result; or (ii) the amounts paid to Executive were reduced by more than was
necessary to avoid  triggering  the Excise Tax,  then the parties shall make the
applicable  correction  that will  achieve the goal  described  in Section  6(c)
hereof.  In the  event the  error  referred  to in  clause  (i)  hereof  occurs,
Executive is hereby required to repay to the Companies, within 15 days after the
error is  discovered,  the amount  necessary to avoid the Excise Tax;  provided,
however, that if Executive, based on advice from Tax Counsel and Executive's own
tax  advisor,  determines  that the  return  of such  amounts  will not serve to
eliminate the Excess  Severance  Payments and the Excise Tax, the Companies then
shall be obligated to pay to Executive,  within 15 days after Executive notifies
the  Companies  of  Executive's  determination,  the  total  amount by which the
original amount of Executive's  compensation  and benefits were reduced pursuant
to the terms of Section 6(a) and (b) hereof.  In the event the error referred to
in clause (ii) hereof  occurs,  the  Companies  are hereby  required to repay to
Executive,  within 30 days after the error is discovered,  the maximum amount of
the  compensation  and  benefits  that  were  reduced  pursuant  to the terms of
Sections 6(a) and (b) hereof that Executive may receive  without  triggering the
Excise Tax.

                                                                   Page 10 Of 23

<PAGE>

SECTION 7.  TERMINATION FOR CAUSE.

         (a) For purposes of this Agreement,  the term "Cause" shall mean, other
than death, (i) fraud or misappropriation with respect to the business or assets
of the Association or the Company;  (ii) gross negligence or willful  misconduct
by Executive in the  performance  of his duties;  (iii) any habitual or repeated
neglect of his duties by Executive  which  Executive fails to cure upon ten (10)
days written notice; (iv) a material breach of this Agreement by Executive;  (v)
Executive's   inability  as  a  result  of  physical  or  mental  incapacity  to
substantially  perform his duties for the  Companies  on a full time basis for a
period exceeding six (6) months;  (vi) violation of any law, rule, or regulation
(excluding  Vehicle Code  convictions,  or marijuana  convictions  more than two
years old) that has a material  adverse effect upon the  Association or Company,
(vii) violation of any final cease-and-desist  order; (viii) the use of drugs or
alcohol that interferes with the Executive's  performance of his job duties;  or
(ix) any breach of fiduciary duty involving  personal  profit;  (x) any unlawful
conduct by Executive injurious to the interest, property,  operations,  business
or reputation of the Association, or (xi) conviction for any criminal felony.

         (b) Executive shall not have the right to receive compensation or other
benefits for any period after  Termination for Cause. Any unvested stock options
and related  limited rights granted to Executive  under any stock option plan or
unvested  awards  granted  to  Executive  under  any stock  benefit  plan of the
Association,  the Company, or any subsidiary or affiliate thereof,  shall become
null and void effective upon  Executive's  receipt of Notice of Termination  for
Cause pursuant to Section 9 hereof, and shall not be exercisable by or delivered
to Executive at any time subsequent to such Termination for Cause.

SECTION 8.  VOLUNTARY RESIGNATION

         Nothing in this Agreement shall prevent or limit  Executive's right and
ability to voluntarily  resign and / or seek other gainful  employment  provided
that  Executive  gives not less than  sixty (60) days  prior  written  notice of
resignation to the Companies.  If Executive determines to voluntarily resign (i)
other  than in  conjunction  with a Change In Control  or  Threatened  Change In
Control  as defined  and  described  in Section 5 hereto,  or (ii) other than in
conjunction with an actual or constructive  termination as defined and described
in Section 4 hereto,  Executive shall be entitled to no additional  compensation
beyond that  generally  available to all or  substantially  all of the full-time
employees of the  Association at that time, and Executive shall only be entitled
to  that  compensation  and  benefits  earned  and  vested  at the  date of such
voluntary  resignation.  In  conjunction  with  such  a  voluntary  resignation,
Executive shall have no obligation or requirement to return any  compensation or
benefits earned or vested through the date of such voluntary  resignation to the
Association.

                                                                   Page 11 Of 23

<PAGE>

SECTION 9.  NOTICE.

         A  termination  for  Cause by the  Association  or the  Company  of the
Executive's  employment  shall be  effective  upon  receipt of a written  notice
communicated  to the  Executive.  A  termination  other than for Cause  shall be
effective sixty (60) days after receipt of a written notice  communicated to the
Executive.

SECTION 10.  POST-TERMINATION OBLIGATIONS.

         (a) All payments and benefits to Executive  under this Agreement  shall
be subject to Executive's  compliance with this Section 10 for one (1) full year
after the earlier of expiration of this  Agreement or termination of Executive's
employment.

         (b) Executive shall, upon reasonable  notice,  furnish such information
and  assistance to the Companies as may  reasonably be required by the Companies
in  connection  with any  litigation in which it or any of its  subsidiaries  or
affiliates  is,  or may  become,  a party.  Executive's  obligation  under  this
paragraph  shall  only be in  effect if the  Companies  provide  Executive  with
liability  insurance  coverage and  indemnification  similar to that provided to
current senior management personnel and as described in Section 22.

         (c) All written or printed  materials,  notebooks,  and records used by
Executive  in  performing  duties  for the  Companies,  other  than  Executive's
personal  notes and  diaries,  are and shall  remain  the sole  property  of the
Companies.  Upon termination of employment,  Executive shall promptly return all
such material (including all copies) to the Companies.

SECTION 11.  NON-DISCLOSURE, NO-SOLICIATION AND UNFAIR COMPETITION.

         (a) Executive  agrees and  acknowledges  that during the performance of
his duties with the Companies,  he will receive and have access to confidential,
proprietary,  and/or trade secret information concerning the business activities
and plans for business  activities  of the  Companies  and  affiliates  thereof.
Executive  recognizes  and  acknowledges  that  the  knowledge  of the  business
activities  and plans for business  activities of the  Companies and  affiliates
thereof,  as may exist from time to time,  is a  valuable,  special,  and unique
asset of the business of the Companies.  Executive will not, during or after the
TERM,  disclose  any  knowledge of the past,  present,  planned,  or  considered
business activities of the Companies or affiliates thereof to any person,  firm,
corporation,   or  other   entity  for  any   reason  or   purpose   whatsoever.
Notwithstanding the foregoing,  Executive may disclose any knowledge of banking,
financial  and/or  economic  principles,   concepts  or  ideas,  which  are  not
exclusively  derived from the business  plans,  and activities of the Companies.
Further,  Executive may disclose  information  regarding the business activities
and proprietary  information of the Companies to the OTS, Federal  Reserve,  and
the  Federal  Deposit  Insurance  Corporation  ("FDIC")  pursuant  to  a  formal
regulatory   request  or  as  mandated  by  order  of  a  court  of   applicable
jurisdiction.

                                                                   Page 12 Of 23

<PAGE>

         (b) Executive  further agrees and  acknowledges  that the Companies and
affiliates have invested  substantial time, effort, and expense in compiling its
confidential,  trade secret  information  and in assembling its present staff of
personnel,  and have an interest  in  preventing  any unfair use of  information
which  the  Executive  has  obtained  solely  through  his  employment  with the
Companies. In order to protect the confidentiality of the Companies' proprietary
confidential  information,  Executive  agrees that during his employment and for
one year thereafter,  he shall not do the following:  (1) approach,  solicit, or
accept  business  from, or otherwise do business or  communicate in any way with
any customer of the Association,  utilizing  information which the Executive has
obtained solely through his employment with the Association,  for the purpose of
engaging in or assisting  others in engaging in Competition  (as defined herein)
with the Association; (2) approach, counsel, or attempt to induce any person who
is then in the employ of the Association to leave the employ of the Association,
or employ or  attempt  to employ  any such  person or any person who at any time
during the preceding twelve (12) months or during the TERM of this Agreement was
in the  employ  of  the  Association,  unless  such  person  has  initially  and
voluntarily  approached  Executive or Executive's new employing entity of his or
her own accord; or (3) aid, assist, or counsel any other person, firm or counsel
any other person, firm or corporation to do any of the above. For the purpose of
this Agreement,  a person or business is in Competition with the business of the
Association if the business  involves the solicitation for, sale or distribution
of financial  products and services  anywhere within the  Association's  primary
service area in the counties of Santa Cruz,  Monterey,  and contiguous counties.
The  provisions  of this  paragraph  do not  apply in the  event of a Change  of
Control.

         (c) Executive agrees that in addition to any and all remedies available
at law or equity  (including  money damages),  the Companies may seek injunctive
relief  and/or a decree  for  specific  performance  to  prevent  any  breach or
threatened breach by the Executive or any other person acting for, along with or
under the  direction  of the  Executive of this Section 11, where such breach or
threatened  breach  will  result in  irreparable  and  continuing  damage to the
Companies for which there will be no adequate remedy at law. The Companies shall
be entitled  to seek such  equitable  relief in any forum,  including a court of
law,  notwithstanding the provision of Section 20 and the arbitration  provision
referenced  therein.  The  Companies  may pursue any of the  remedies  described
herein  concurrently  or  consecutively  in any  order as to any such  breach or
violation,  and the  pursuit  of one of such  remedies  at any time  will not be
deemed an election of remedies or waiver of the right to pursue any of the other
such remedies.

                                                                   Page 13 Of 23

<PAGE>

SECTION 12.  SOURCE OF PAYMENTS.

         All payments provided in this Agreement shall be timely paid in cash or
check  from  the  general  funds  of  the  Association.  The  Company,  however,
unconditionally guarantees payment and provision of all amounts and benefits due
hereunder  to  Executive  and,  if  such  amounts  and  benefits  due  from  the
Association are not timely paid or provided by the Association, such amounts and
benefits shall be paid or provided by the Company.

SECTION 13.  EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

         This Agreement  contains the entire  understanding  between the parties
hereto  and  supersedes  any and all prior  employment  agreements  between  the
Company or Association or any  predecessor  of the Company or  Association,  and
Executive,  except that this Agreement shall not affect or operate to reduce any
benefit or compensation  inuring to Executive of a kind elsewhere  provided.  No
provision  of this  Agreement  shall be  interpreted  to mean that  Executive is
subject  to  receiving  fewer  benefits  than  those  available  to him  without
reference to this Agreement.

SECTION 14.  NO ATTACHMENT.

         (a) Except as required by law, no right to receive  payments under this
Agreement  shall be  subject to  anticipation,  commutation,  alienation,  sale,
assignment,  encumbrance,  charge,  pledge, or  hypothecation,  or to execution,
attachment,  levy, or similar process or assignment by operation of law, and any
attempt,  voluntary  or  involuntary,  to affect any such action  shall be null,
void, and of no effect.

         (b) This Agreement  shall be binding upon, and inure to the benefit of,
Executive and the  Association and Company and their  respective  successors and
assigns.

SECTION 15.  MODIFICATION AND WAIVER.

         (a)  This  Agreement  may  not be  modified  or  amended  except  by an
instrument in writing signed by the parties hereto.

         (b) No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement,  except by written  instrument of the party charged with such
waiver or estoppel.  No such written waiver shall be deemed a continuing  waiver
unless specifically  stated therein,  and each such waiver shall operate only as
to the specific  term or condition  waived and shall not  constitute a waiver of
such term or condition for the future as to any act other than that specifically
waived.

                                                                   Page 14 Of 23

<PAGE>

SECTION 16.  REQUIRED PROVISIONS.

         (a) The Association may terminate  Executive's  employment at any time,
but any termination by the Association,  other than Termination for Cause, shall
not prejudice  Executive's  right to  compensation  or other benefits under this
Agreement.  Executive shall not have the right to receive  compensation or other
benefits  for any  period  after  Termination  for Cause as defined in Section 7
hereinabove.

         (b) If Executive is suspended from office and/or temporarily prohibited
from  participating  in the  conduct  of the  Association's  affairs by a notice
served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12
U.S.C.  ss.1818(e)(3)  or  (g)(1);  the  Association's  obligations  under  this
contract  shall  be  suspended  as of the  date of  service,  unless  stayed  by
appropriate  proceedings.  If the  charges  in the  notice  are  dismissed,  the
Association  may in  its  discretion  (i)  pay  Executive  all  or  part  of the
compensation  withheld while their contract  obligations were suspended and (ii)
reinstate (in whole or in part) any of the obligations which were suspended.

         (c)  If  Executive  is  removed  and/or  permanently   prohibited  from
participating  in the conduct of the  Association's  affairs by an order  issued
under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
ss.1818(e)(4) or (g)(1),  all obligations of the Association under this contract
shall terminate as of the effective date of the order,  but vested rights of the
contracting parties shall not be affected.

         (d) If the  Association is in default as defined in Section  3(x)(1) of
the Federal Deposit  Insurance Act, 12 U.S.C.  ss.1813(x)(1)  all obligations of
the  Association  under this contract shall terminate as of the date of default,
but this  paragraph  shall not  affect  any  vested  rights  of the  contracting
parties.

         (e) All  obligations  of the  Association  under this contract shall be
terminated, except to the extent determined that continuation of the contract is
necessary for the continued operation of the institution, (i) by the Director of
the OTS (or his  designee)  or the  FDIC,  at the time the FDIC  enters  into an
agreement to provide  assistance  to or on behalf of the  Association  under the
authority  contained in Section 13(c) of the Federal  Deposit  Insurance Act, 12
U.S.C.  ss.1823(c);  or (ii) by the Director of the OTS (or his designee) at the
time the Director (or his  designee)  approves a  supervisory  merger to resolve
problems related to the operations of the Association or when the Association is
determined by the Director to be in an unsafe or unsound  condition.  Any rights
of the parties that have already vested,  however, shall not be affected by such
action.

         (f) Any  payments  made to  Executive  pursuant to this  Agreement,  or
otherwise,  are  subject  to and  conditioned  upon  compliance  with 12  U.S.C.
ss.1828(k) and 12 C.F.R.  ss.545.121 and any rules and  regulations  promulgated
thereunder.

                                                                   Page 15 Of 23

<PAGE>

SECTION 17.  SEVERABILITY.

         If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this  Agreement or any part of such  provision not held so invalid,  and each
such other  provision and part thereof shall to the full extent  consistent with
law continue in full force and effect.

SECTION 18.  HEADINGS FOR REFERENCE ONLY.

         The headings of sections and paragraphs  herein are included solely for
convenience of reference and shall not control the meaning or  interpretation of
any of the provisions of this Agreement.

SECTION 19.  GOVERNING LAW.

         The  validity,  interpretation,  performance  and  enforcement  of this
Agreement shall be governed by the laws of the State of California,  but only to
the extent not superseded by federal law.

SECTION 20.  ARBITRATION.

         In  the  event  there  is  any  dispute   arising  out  of  Executive's
employment,  the  termination  of  that  employment,  or  arising  out  of  this
Agreement,  the  Executive  and  Association  and  Company  agree to submit such
dispute to binding  arbitration in accordance  with the terms of the Alternative
Dispute  Resolution  Agreement  set forth in  Appendix A to this  Agreement  and
incorporated herein.

SECTION 21.  PAYMENT OF COSTS AND LEGAL FEES.

         All  reasonable  costs and legal  fees paid or  incurred  by  Executive
pursuant to any dispute or question of interpretation relating to this Agreement
shall be paid or reimbursed by the Association if Executive is successful on the
merits pursuant to a legal judgment, arbitration, or settlement.

                                                                   Page 16 Of 23

<PAGE>

SECTION 22.  INDEMNIFICATION.

         (a) The Association and Company shall provide Executive  (including his
heirs,  executors and administrators)  with coverage under a standard directors'
and officers'  liability insurance policy as approved by the Board of Directors,
at its expense,  and to the extent not otherwise provided through such insurance
policy, shall indemnify Executive (and his heirs,  executors and administrators)
to the fullest  extent  permitted  under  federal law against all  expenses  and
liabilities  reasonably incurred by him in connection with or arising out of any
action,  suit or  proceeding in which he may be involved by reason of his having
been a director  or officer of the  Association  or Company  (whether  or not he
continues to be a director or officer at the time of incurring  such expenses or
liabilities),  such expenses and liabilities to include,  but not be limited to,
judgments,  court  costs,  and  attorneys'  fees,  and the  cost  of  reasonable
settlements.

         (b) Any payments made to Executive pursuant to this Section are subject
to and conditioned  upon  compliance with 12 C.F.R.ss.  545.121 and any rules or
regulations promulgated thereunder.

SECTION 23.  SUCCESSOR TO THE ASSOCIATION OR COMPANY.

         The Companies  shall require any successor or assignee,  whether direct
or  indirect,  by  purchase,  merger,  consolidation,  or  otherwise,  to all or
substantially  all  the  business  or  assets  of the  Association  or  Company,
expressly  and  unconditionally  to assume and agree to perform all  obligations
under  this  Agreement,  in the  same  manner  and to the same  extent  that the
Companies  would be required to perform if no such  succession or assignment had
taken place.

                                                                   Page 17 Of 23

<PAGE>

         IN WITNESS  WHEREOF,  Monterey Bay Bank and Monterey Bay Bancorp,  Inc.
have caused this Agreement to be executed and their seals to be affixed hereunto
by their duly authorized  officers and directors,  and Executive has signed this
Agreement, on the 24th day of April, 2003.

ATTEST:                                    MONTEREY BAY BANK

By:      /s/ Mary Anne Carson              By:      /s/ McKenzie Moss
         -------------------------------            --------------------------
         Corporate Secretary                        McKenzie Moss
                                                    Chairman of the Board

[SEAL]

ATTEST:                                             MONTEREY BAY BANCORP, INC.
                                                    (Guarantor)

By:      /s/ Mary Anne Carson              By:      /s/ McKenzie Moss
         -------------------------------            --------------------------
         Corporate Secretary                        McKenzie Moss
                                                    Chairman of the Board

[SEAL]

WITNESS:                                            EXECUTIVE:

/s/ Carlene Anderson                                /s/ C. Edward Holden
----------------------------------------            --------------------------
Carlene Anderson                                    C. Edward Holden
                                                    President & Chief
                                                    Executive Officer

                                                                   Page 18 Of 23

<PAGE>

                                   APPENDIX A

                         ALTERNATIVE DISPUTE RESOLUTION

I.       Agreement To Arbitrate

         In the event that any employment  dispute  arises between  Monterey Bay
         Bank  ("Association") and C. Edward Holden  ("Executive"),  the parties
         involved  will make all  efforts to resolve  any such  dispute  through
         informal  means.  If these informal  attempts at resolution fail and if
         the  dispute  arises out of or is  related to a breach of the  parties'
         Employment Agreement, the termination of employment or alleged unlawful
         discrimination,  Association  and Executive  will submit the dispute to
         final and binding arbitration.

         By accepting  employment with the  Association,  Executive  agrees that
         arbitration is the exclusive  remedy for all such arbitrable  disputes;
         with respect to such disputes,  no other action may be brought in court
         or any other forum (except  actions to compel  arbitration  hereunder).
         THIS ADR AGREEMENT IS A WAIVER OF THE PARTIES'  RIGHTS TO A CIVIL COURT
         ACTION FOR A DISPUTE  RELATING TO  TERMINATION OF EMPLOYMENT OR ALLEGED
         UNLAWFUL DISCRIMINATION,  WHICH INCLUDES RETALIATION OR SEXUAL OR OTHER
         UNLAWFUL  HARASSMENT;  ONLY AN  ARBITRATOR,  NOT A JUDGE OR JURY,  WILL
         DECIDE THE DISPUTE.

         Employment  disputes  arising  out  of or  related  to  termination  of
         employment or alleged unlawful  discrimination,  including retaliation,
         sexual or other unlawful harassment,  shall include, but not be limited
         to, the following:  alleged  violations of federal,  state and/or local
         constitutions,  statutes or regulations;  claims based on any purported
         breach of contractual  obligation,  including breach of the covenant of
         good faith and fair dealing;  and claims based on any purported  breach
         of duty  arising  in  tort,  including  violations  of  public  policy.
         Disputes related to workers'  compensation  and unemployment  insurance
         are not arbitrable hereunder. Claims for benefits covered by a separate
         benefit plan that provides for  arbitration are not covered by this ADR
         Agreement.  Claims  that are filed with or are being  processed  by the
         U.S. Equal  Employment  Opportunity  Commission  ("EEOC"),  or that are
         brought  under Title VII of the Civil  Rights Act of 1964,  as amended,
         are not arbitrable  under this  Agreement,  except that the parties may
         agree in writing to do so with  respect to each such  dispute  that may
         arise.

II.      Arbitration Procedures

         (a) Attempt At Informal Resolution Of Disputes

         Prior to  submission  of any dispute to  arbitration,  Association  and
         Executive  shall  attempt to resolve  the  dispute  informally  through
         mediation. Association and Executive will select a mediator from a list
         provided  by the State  Mediation  and  Conciliation  Service  or other
         similar  agency who will  assist the parties in  attempting  to reach a
         settlement of the dispute. The mediator may make settlement suggestions
         to the parties but shall not have the power to impose a settlement upon
         them.  If the  dispute is resolved in  mediation,  the matter  shall be
         deemed closed.  If the dispute is not resolved in mediation and goes to
         the next step  (binding  arbitration),  any  proposals  or  compromises
         suggested  by  either  of the  parties  or the  mediator  shall  not be
         referred  to or have any  bearing  on the  arbitration  procedure.  The
         mediator  cannot  also  serve  as  the  arbitrator  in  the  subsequent
         proceeding unless all parties expressly agree in writing.

         (b) Request for Arbitration

         Should  Association  or  Executive  wish to pursue  arbitration  of any
         arbitrable dispute,  Association,  Executive or its/his  representative
         must submit a written "Request For Arbitration" to the other party with
         (1) year of the  alleged  conduct  giving rise to the  dispute.  If the
         "Request  for  Arbitration"  is not  submitted in  accordance  with the
         aforementioned  time  limitations,  the party will not be able to bring
         its/his claims to this or any other forum. Unless otherwise required by
         law, the "Request For  Arbitration"  shall clearly state it is "Request
         For  Arbitration"  at the  beginning of the first page and includes the
         following  information:  (1) a

                                                                   Page 19 Of 23
<PAGE>

         factual  description of the dispute in sufficient  detail to advise the
         other party of the nature of the dispute, (2) the date when the dispute
         first arose, and (3) the relief requested by requesting party.

         A Request  for  Arbitration  must be mailed to the other  party's  last
         known address or  hand-delivered  to that party.  The party to whom the
         Request for  Arbitration  is directed  will respond  within thirty (30)
         days so that  the  parties  can  begin  the  process  of  selecting  an
         Arbitrator. Such response may include any counterclaims.

         (c) Selection Of The Arbitrator

         All disputes will be resolved by a single Arbitrator,  selected through
         and under the American  Arbitration  Association's  "National Rules for
         the Resolution of Employment Disputes" as amended and effective June 1,
         1997.

         (d) The Arbitrator's Authority

         The Arbitrator shall have the powers enumerated below:

         1.       Ruling  on  motions   regarding   discovery,   and  ruling  on
                  procedural   and   evidentiary   issues   arising  during  the
                  arbitration.

         2.       Ruling on  motions  to  dismiss  and/or  motions  for  summary
                  judgment  applying the standards  governing such motions under
                  the Federal Rules of Civil Procedure.

         3.       Issuing  protective orders on the motion of any party or third
                  party witness, such protective orders may include, but are not
                  limited to, sealing the record of the arbitration, in whole or
                  in  part   (including   discovery   proceedings  and  motions,
                  transcripts,  and the  decision  and  award),  to protect  the
                  privacy or other constitutional or statutory rights of parties
                  and/or witnesses.

         4.       Determining  only  the  issue(s)  submitted  to  him/her.  The
                  issue(s) must be identifiable in the "Request For Arbitration"
                  or  counterclaim(s).  Except as required by law,  any issue(s)
                  not  identifiable  in those  documents is outside the scope of
                  the  Arbitrator's  jurisdiction  and any award  involving such
                  issue(s), upon motion by a party, shall be vacated.

         (e) Discovery

         The discovery  process shall proceed and be governed,  consistent  with
         the standards of the Federal Rules of Civil Procedure, as follows:

         1.       Unless otherwise required by law, parties may obtain discovery
                  by any of the following methods:

                  a.       Depositions   of  non-expert   witnesses   upon  oral
                           examination, five (5) per side as of right, with more
                           permitted if leave is obtained from the Arbitrator;

                  b.       Written  interrogatories,  up to a  maximum  combined
                           total  of  twenty  (20),  with the  responding  party
                           having twenty (20) days to respond;

                  c.       Request  for  production  of  documents  or things or
                           permission  to enter upon land or other  property for
                           inspection,  with the responding  party having twenty
                           (20) days to produce the documents and allow entry or
                           to file objections to the request;

                  d.       Physical and mental  examination,  in accordance with
                           Federal Rule of Civil Procedure 35(a); and

                  e.       Any   motion  to  compel   production,   answers   to
                           interrogatories  or entry onto land or property  must
                           be made to the Arbitrator within fifteen (15) days of
                           receipt of objections.

                                                                   Page 20 Of 23
<PAGE>

         2.       To the extent  permitted  by the  Federal  Arbitration  Act or
                  applicable  California law, each party shall have the right to
                  subpoena  witnesses and documents during discovery and for the
                  arbitration.

         3.       All discovery  requests  shall be submitted no less than sixty
                  (60) days before the hearing date.

         4.       The scope of discoverable evidence shall be in accordance with
                  Federal Rule of Civil Procedure 26(b)(1).

         5.       The   Arbitrator   shall  have  the  power  to   enforce   the
                  aforementioned   discovery   rights  and  obligations  by  the
                  imposition  of  the  same  terms,  conditions,   consequences,
                  liabilities,  sanctions and penalties as can or may be imposed
                  in like  circumstances  in a civil  action by a federal  court
                  under the Federal Rules of Civil Procedure.

         (f) Hearing Procedure

         The  hearing  shall  proceed  according  to  the  American  Arbitration
         Association's   "National   Rules  for  the  Resolution  of  Employment
         Disputes" as amended and  effective  June 1, 1997,  with the  following
         amendments:

                  1.       The  Arbitrator  shall  rule  at  the  outset  of the
                           arbitration on procedural issues that bear on whether
                           the arbitration is allowed to proceed.

                  2.       Each party has the burden of proving  each element of
                           its claims or  counterclaims,  and each party has the
                           burden of proving any of its affirmative defenses.

                  3.       In  addition  to,  or in  lieu of  closing  argument,
                           either  party  shall  have  the  right to  present  a
                           post-hearing  brief,  and the due date for exchanging
                           any  post-hearing  briefs shall be mutually agreed on
                           by the parties and the Arbitrator.

         (g) Substantive Law

                  1.       The  parties  agree  that they will be  afforded  the
                           identical legal equitable,  and statutory remedies as
                           would be  afforded  them were they to bring an action
                           in a court of competent jurisdiction.

                  2.       The  applicable  substantive  law shall be the law of
                           the  State of  California  or  federal  law.  If both
                           federal  and state law are  applicable  to a cause of
                           action,  Executive  shall have the right to elect his
                           choice of law.  Choice of  substantive  law in no way
                           affects the  procedural  aspects of the  arbitration,
                           which are  exclusively  governed by the provisions of
                           this ADR Agreement.

         (h) Opinion And Award

         The Arbitrator  shall issue a written opinion and award, in conformance
         with the following requirements:

                  1.       The opinion and award must be signed and dated by the
                           Arbitrator.

                  2.       The  Arbitrator's  opinion and award shall decide all
                           issues submitted.

                  3.       The  Arbitrator's  opinion  and award shall set forth
                           the  legal  principles  supporting  each  part of the
                           opinion.

                  4.       The Arbitrator shall have the same authority to award
                           remedies,  damages  and costs as  provided to a judge
                           and/or jury under parallel circumstances.

                                                                   Page 21 Of 23
<PAGE>

         (i) Enforcement Of Arbitrator's Award

         Following  the  issuance of the  Arbitrator's  decision,  any party may
         petition  a  court  to   confirm,   enforce,   correct  or  vacate  the
         Arbitrator's  opinion  and award  under the  Federal  Arbitration  Act,
         and/or applicable California law.

         (j) Fees And Costs

         Unless otherwise  required by law, fees and costs shall be allocated in
         the following manner:

                  1.       Each  party   shall  be   responsible   for  its  own
                           attorneys' fees, except as otherwise provided by law.

                  2.       The  Association  shall  pay the  entire  cost of the
                           arbitrator's  services,  the  facility  in which  the
                           arbitration  is to be held,  and any  similar  costs,
                           except that Executive shall  contribute  toward these
                           costs an amount equal to the then-current  filing fee
                           in  California  Superior  Court  charged for filing a
                           complaint or for first appearing, whichever is lower.

                  3.       The Association  shall pay the entire cost of a court
                           reporter to transcribe the  arbitration  proceedings.
                           Each party shall  advance  the cost for said  party's
                           transcript  of  the  proceedings.  Each  party  shall
                           advance its own costs for witness  fees,  service and
                           subpoena charges,  copying, or other incidental costs
                           that each  party  would  bear  during the course of a
                           civil lawsuit.

                  4.       Each  party  shall  be  responsible   for  its  costs
                           associated with discovery,  except as required by law
                           or court order.

                                                                   Page 22 Of 23

<PAGE>

III.     Severability

         In the event that any  provision of this ADR Agreement is determined by
         a  court  of  competent   jurisdiction   to  be  illegal,   invalid  or
         unenforceable  to any extent,  such term or provision shall be enforced
         to the extent  permissible  under the law and all  remaining  terms and
         provisions  of this ADR  Agreement  shall  continue  in full  force and
         effect.

                                              EXECUTIVE:

DATED:  April 24, 2003                        By:      /s/ C. Edward Holden
                                                       --------------------
                                                       C. Edward Holden

                                              MONTEREY BAY BANK

DATED:  April 24, 2003                        By:      /s/ McKenzie Moss
                                                       -----------------
                                                       McKenzie Moss
                                                       Chairman of the Board

                                              MONTEREY BAY BANCORP, INC.
                                              (Guarantor)

DATED:  April 24, 2003                        By:      /s/ McKenzie Moss
                                                       -----------------
                                                       McKenzie Moss
                                                       Chairman of the Board

                                                                   Page 23 Of 23

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