Document:

<PAGE>

Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001

Surety Bond

Issuer:  GreenPoint Home Equity Loan Trust 2000-3     Policy Number: 00010935

                                                      Control Number: 010001

Insured Obligations:
$299,286,000 (approximate) in principal amount
of Home Equity Loan Asset Backed
Notes, Series 2000-3, Class A-1, Class A-2 and
Class A-3 Notes (the "Class A Securities")

Trustee:  Bankers Trust Company

Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock
insurance company, in consideration of its receipt of the initial premium in the
amount of $42,399 (the "Deposit Premium") and subject to the terms of this
Surety Bond, hereby unconditionally and irrevocably agrees to pay each Insured
Payment to the Trustee named above or its successor, as trustee for the Holders
of the Class A Securities, to the extent set forth in the Indenture and the Sale
and Servicing Agreement.

Financial Guaranty will make an Insured Payment (other than that portion of an
Insured Payment constituting a Preference Amount) out of its own funds in
immediately available funds to the Trustee on the later of (i) the Business Day
next following the day on which Financial Guaranty shall have received Notice
that an Insured Payment distributable to the related Holders pursuant to the
Indenture and the Sale and Servicing Agreement, for disbursement to such Holders
in the same manner as other payments with respect to the Class A Securities are
required to be made. Any Notice received by Financial Guaranty after 12:00 noon
New York City time on a given Business Day or on any day that is not a Business
Day shall be deemed to have been received by Financial Guaranty on the next
succeeding Business Day.

Upon such payment, Financial Guaranty shall be fully subrogated to the rights of
the Holders to receive the amount so paid. Financial Guaranty's obligations
hereunder with respect to each Payment Date shall be discharged to the extent
funds consisting of the Insured Payment are received by the Trustee on behalf of
the Holders for payment to such

Form 9109
Page 1 of 4

<PAGE>

Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001

Surety Bond

Holders, as provided in the Indenture and the Sale and Servicing Agreement and
herein, whether or not such funds are properly applied by the Trustee.

If the payment of any portion or all of any amount that is insured hereunder is
voided pursuant to a final order of a court exercising proper jurisdiction in an
insolvency proceeding to the effect that the Trustee or a Holder, as the case
may be, is required to return any such payment or portion thereof prior to the
expiration date of this Surety Bond because such payment was voided under the U.
S. Bankruptcy Code, with respect to which order the appeal period has expired
without an appeal having been filed (a "Final Order"), and, as a result, the
Trustee or any Holder is required to return such voided payment, or any portion
of such voided payment made in respect of the Class A Securities (a "Preference
Amount"), Financial Guaranty will pay on the guarantee described in the first
paragraph hereof, an amount equal to each such Preference Amount, on the next
Business Day following receipt by Financial Guaranty of (x) a certified copy of
the Final Order, (y) an assignment, in form reasonably satisfactory to Financial
Guaranty, irrevocably assigning to Financial Guaranty all rights and claims of
the Trustee and/or such Holder relating to or arising under such Preference
Amount and appointing Financial Guaranty as the agent of the Trustee and/or such
Holder in respect of such Preference Amount, and (z) a Notice appropriately
completed and executed by the Trustee or such Holder, as the case may be. Such
payment shall be made to the receiver, conservator, debtor-in-possession or
trustee in bankruptcy named in the Final Order and not to the Trustee or Holder
directly (unless a Holder has previously paid such amount to such receiver,
conservator, debtor-in-possession or trustee named in such Final Order in which
case payment shall be made to the Trustee for distribution to the Holder upon
proof of such payment reasonably satisfactory to Financial Guaranty).
Notwithstanding the foregoing, in no event shall Financial Guaranty be (i)
required to make any payment under this Surety Bond in respect of any Preference
Amount to the extent such Preference Amount is comprised of amounts previously
paid by Financial Guaranty hereunder, or (ii) obligated to make any payment in
respect of any Preference Amount, which payment represents a payment of the
principal amount of the Class A Securities, prior to the time Financial Guaranty
otherwise would have been required to make a payment in respect of such
principal.

Financial Guaranty shall make payments due in respect of Preference Amounts on
the Payment Date next following receipt by Financial Guaranty on a Business Day
of the documents required under clauses (x) through (z) of the preceding
paragraph. Any such documents received by Financial Guaranty after 12:00 noon
New York City time on a given Business Day or on any day that is not a Business
Day shall be deemed to have been received by Financial Guaranty on the next
succeeding Business Day. All payments made

Form 9109
Page 2 of 4

<PAGE>

Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001

Surety Bond

by Financial Guaranty hereunder in respect of Preference Amounts will be made
with Financial Guaranty's own funds.

This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium. The premium on this Surety Bond is not refundable for any reason,
including the payment of the Class A Securities prior to their respective
maturities. This Surety Bond shall expire and terminate without any action on
the part of Financial Guaranty or any other Person on the date that is one year
and one day following the date on which the Class A Securities shall have been
paid in full.

The Deposit Premium shall be due and payable on the date hereof, and a monthly
premium shall be due and payable as provided in the Indenture.

This Surety Bond is subject to and shall be governed by the laws of the State of
New York. The proper venue for any action or proceeding on this Surety Bond
shall be the County of New York, State of New York. The insurance provided by
this Surety Bond is not covered by the New York Property/Casualty Insurance
Security Fund (New York Insurance Code, Article 76).

Capitalized terms used and not defined herein shall have the respective meanings
set forth in Annex A to the Indenture. "Insured Payment" means the sum of the
Deficiency Amount and the Preference Amount. "Notice" means a written notice in
the form of Exhibit A to this Surety Bond by registered or certified mail or
telephonic or telegraphic notice, subsequently confirmed by written notice
delivered via telecopy, telex or hand delivery from the Trustee to Financial
Guaranty specifying the information set forth therein. "Noteholder" means, as to
a particular Class A Security, the person, other than the Issuer, the Servicer,
any Subservicer or the Seller who, on the applicable Payment Date is entitled
under the terms of such Class A Security to payment thereof. "Indenture" means
the Indenture, dated as of December 1, 2000 by and among the Issuer and the
Trustee. "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of December 1, 2000 by and among the Issuer, the Sponsor, the Servicer
and the Trustee.

In the event that payments under any Class A Security are accelerated, nothing
herein contained shall obligate Financial Guaranty to make any payment of
principal or interest on such Class A Security on an accelerated basis, unless
such acceleration of payment by Financial Guaranty is at the sole option of
Financial Guaranty; it being understood that a payment shortfall in respect of
the redemption of the Class A Securities pursuant to Article X of the Indenture
does not constitute acceleration for the purposes hereof.

Form 9109
Page 3 of 4

<PAGE>

Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001

Surety Bond

IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its corporate seal and to be signed by its duly authorized officer in
facsimile to become effective and binding upon Financial Guaranty by virtue of
the countersignature of its duly authorized representative.

/s/ [President]                        /s/ [Authorized Representative]
President                              Authorized Representative

Effective Date:  December 18, 2000

Form 9109
Page 4 of 4

<PAGE>

                                    EXHIBIT A

                                     NOTICE

To:         Financial Guaranty Insurance Company
            115 Broadway
            New York, New York 10006
            (212) 312-3000
            Attention:  General Counsel

            Telephone: (212) 312-3000
            Telecopier:  (212) 312-3220

Re:         GreenPoint Home Equity Loan Trust 2000-3
            Home Equity Loan Asset Backed
            Notes, Series 2000-3
            Policy No. 00010935

Determination Date:
                    ----------------------------------

Payment Date:
                   -----------------------------------

We refer to that certain Indenture dated as of December 1, 2000, by and between
GreenPoint Home Equity Loan Trust 2000-3, as Issuer, and Bankers Trust Company,
as Trustee (the "Indenture"), relating to the above referenced Notes. All
capitalized terms not otherwise defined herein or in the Surety Bond shall have
the same respective meanings assigned to such terms in the Indenture.

(a) The Trustee has determined under the Indenture that in respect of such
Payment Date:

      (1) A payment on the Class A-1 Notes in an amount equal to $__________ is
      due to be received under the Indenture (the "Class A-1 Required Payment"),
      consisting of $__________ in respect of the Class A-1 Interest Payment
      Amount (excluding any Relief Act Shortfalls) and $__________ in respect of
      the related Overcollateralization Deficit, in the case of any Payment Date
      other than the Final Scheduled Payment Date, or the related Class A Note
      Principal Balance, in the case of the Final Scheduled Payment Date.

      (2) A payment on the Class A-2 Notes in an amount equal to $_____________
      is due to be received under the Indenture (the "Class A-2 Required
      Payment"), consisting of $__________ in respect of the Class A-2 Interest
      Payment Amount (excluding any Relief Act Shortfalls) and $__________ in
      respect of the related Overcollateralization Deficit, in the case of any
      Payment Date other than the Final Scheduled Payment Date, or the related
      Class A Note Principal Balance, in the case of the Final Scheduled Payment
      Date.

<PAGE>

      (3) A payment on the Class A-3 Notes in an amount equal to $_____________
      is due to be received under the Indenture (the "Class A-3 Required
      Payment"), consisting of $__________ in respect of the Class A-3 Interest
      Payment Amount (excluding any Relief Act Shortfalls) and $__________ in
      respect of the related Overcollateralization Deficit, in the case of any
      Payment Date other than the Final Scheduled Payment Date, or the related
      Class A Note Principal Balance, in the case of the Final Scheduled Payment
      Date.

 (b)  (1) The amount available in the Collection Account to be distributed on
      such Distribution Date on the Class A-1 Notes pursuant to the Pooling
      Agreement (the "Class A-1 Net Available Distribution Amount") as reduced
      by any portion thereof that has been deposited in the Collection Account
      but may not be withdrawn therefrom pursuant to an order of a United States
      bankruptcy court of competent jurisdiction imposing a stay pursuant to
      Section 362 of the United States Bankruptcy Code), is $_______________.

      (2) The amount available in the Collection Account to be distributed on
      such Distribution Date on the Class A-2 Notes pursuant to the Pooling
      Agreement (the "Class A-2 Net Available Distribution Amount") as reduced
      by any portion thereof that has been deposited in the Collection Account
      but may not be withdrawn therefrom pursuant to an order of a United States
      bankruptcy court of competent jurisdiction imposing a stay pursuant to
      Section 362 of the United States Bankruptcy Code), is $_______________.

      (3) The amount available in the Collection Account to be distributed on
      such Distribution Date on the Class A-3 Notes pursuant to the Pooling
      Agreement (the "Class A-3 Net Available Distribution Amount") as reduced
      by any portion thereof that has been deposited in the Collection Account
      but may not be withdrawn therefrom pursuant to an order of a United States
      bankruptcy court of competent jurisdiction imposing a stay pursuant to
      Section 362 of the United States Bankruptcy Code), is $_______________.

 (c)  Please be advised that, accordingly:

      (1) The Class A-1 Required Payment exceeds the Class A-1 Net Available
      Distribution Amount, therefore a Class A-1 Deficiency Amount exists for
      the Distribution Date identified above for the Class A-1 Certificates in
      the amount of $__________ [(a)(1) - (b)(1)]. This Deficiency Amount
      constitutes an Insured Amount payable by the Insurer under the Surety
      Bond.

      (2) The Class A-2 Required Payment exceeds the Class A-2 Net Available
      Distribution Amount, therefore a Class A-2 Deficiency Amount exists for
      the Distribution Date identified above for the Class A-2 Notes in the
      amount of $__________ [(a)(2) - (b)(2)]. This Deficiency Amount
      constitutes an Insured Amount payable by the Insurer under the Surety
      Bond.

<PAGE>

      (3) The Class A-3 Required Payment exceeds the Class A-3 Net Available
      Distribution Amount, therefore a Class A-3 Deficiency Amount exists for
      the Distribution Date identified above for the Class A-3 Notes in the
      amount of $__________ [(a)(3) - (b)(3)]. This Deficiency Amount
      constitutes an Insured Amount payable by the Insurer under the Surety
      Bond.

(d) [In addition, attached hereto is a copy of the Final Order in connection
with a Preference Amount in the amount set forth therein, together with an
assignment of rights and appointment of agent. The amount of the Preference
Amount is $______________. This Preference Amount constitutes an Insured Amount
payable by the Insurer under the Surety Bond.]

(e) Accordingly, pursuant to the Indenture, this statement constitutes a notice
for payment of an Insured Amount by the Insurer in the amount of
$_______________ [(c)(1) + (c)(2) + (c)(3) + (d)] under the Surety Bond.

No payment claimed hereunder is in excess of the amount payable under the Surety
Bond.

The amount requested in this Notice should be paid to:  [Payment Instructions]

Any person who knowingly and with intent to defraud any insurance company or
other person files an application for insurance or statement of claim containing
any materially false information or conceals for the purpose of misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act, which is a crime, and shall also be subject to a civil penalty not to
exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim for
each such violation.

IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice of
Nonpayment and Demand for Payment of Insured Amounts this _____ day of
___________________________.

                              -----------------------------------------,
                              as Trustee

                              By:    __________________________________

                              Title: __________________________________<PAGE>

                      FINANCIAL GUARANTY INSURANCE COMPANY,

                                       and

                         GREENWICH CAPITAL MARKETS, INC.

                            INDEMNIFICATION AGREEMENT

                    GREENPOINT HOME EQUITY LOAN TRUST 2000-3

                      HOME EQUITY LOAN ASSET BACKED NOTES,
                                  SERIES 2000-3

                          Dated as of December 5, 2000

<PAGE>

                                TABLE OF CONTENTS

         (This Table of Contents is for convenience of reference only and shall
not be deemed to be part of this Agreement. All capitalized terms used in this
Agreement and not otherwise defined shall have the meanings set forth in Article
I of this Agreement.)

                                                                            Page

Section 1. Defined Terms.......................................................1

Section 2. Other Definitional Provisions.......................................2

Section 3. Representations and Warranties of the Underwriter...................2

Section 4. Representations and Warranties of the Insurer.......................3

Section 5. Indemnification.....................................................4

Section 6. Amendments, Etc.....................................................5

Section 7. Notices.............................................................5

Section 8. Severability........................................................6

Section 9. Governing Law.......................................................6

Section 10. Counterparts.......................................................6

Section 11. Headings...........................................................6

                                       i

<PAGE>

         INDEMNIFICATION AGREEMENT, dated as of December 18, 2000, by and
between FINANCIAL GUARANTY INSURANCE COMPANY, as Insurer, and GREENWICH CAPITAL
MARKETS, INC., as the Underwriter.

Section 1.        Defined Terms.

                  Unless the context clearly requires otherwise, all capitalized
terms used but not defined herein shall have the respective meanings assigned to
them in the Annex A to the Indenture or Surety Bond No. 00010935 issued by the
Insurer in favor of the Trustee (the "Policy"). For purposes of this
Indemnification Agreement, the following terms shall have the following
meanings:

                  "Indenture" means that certain Indenture relating to the
Notes, dated as of December 1, 2000, between GreenPoint Home Equity Loan Trust
2000-3, as issuer and Bankers Trust Company, as Indenture Trustee, without
regard to any amendment or supplement thereto.

                  "Insurance Agreement" means the Insurance and Indemnity
Agreement (as the same may be amended, modified or supplemented from time to
time), dated as of December 18, 2000, by and among the Insurer, GreenPoint Home
Equity Loan Trust 2000-3, GreenPoint Mortgage Funding Inc., as seller of the
Mortgage Loans to the Sponsor and as Servicer, the Sponsor, and Bankers Trust
Company, as Indenture Trustee.

                  "Insurer" means Financial Guaranty Insurance Company, or any
successor thereto, as issuer of the Policy.

                  "Insurer Information" has the meaning given such term in
Section 4.

                  "Notes" means the GreenPoint Home Equity Loan Trust 2000-3
Home Equity Loan Asset Backed Notes, Class A-1, Class A-2 and Class A-3, as
issued pursuant to the Indenture.

                  "Offering Documents" means the Base Prospectus (the
"Prospectus"), dated February 15, 2000, as supplemented by the Prospectus
Supplement (the "Prospectus Supplement"), dated December 5, 2000, in respect of
the Notes and any amendment or supplement thereto, and any other offering
document in respect of the Notes that makes reference to the Policy.

                  "Sale and Servicing Agreement" means the Sale and Servicing
Agreement, dated as of December 1, 2000, by and among GreenPoint Mortgage
Securities Inc., as Sponsor, GreenPoint Mortgage Funding, Inc., as Servicer,
GreenPoint Home Equity Loan Trust 2000-3, and Bankers Trust Company, as
Indenture Trustee, without regard to any amendment or supplement thereto.

                  "Securities Act" means the Securities Act of 1933, including,
unless the context otherwise requires, the rules and regulations thereunder, as
amended from time to time.

<PAGE>

                  "Securities Exchange Act" means the Securities Exchange Act of
1934, including, unless the context otherwise requires, the rules and
regulations thereunder, as amended from time to time.

                  "Sponsor" means GreenPoint Mortgage Securities Inc.

                  "Trust Agreement" means the Trust Agreement between GreenPoint
Mortgage Securities Inc., as Sponsor and Wilmington Trust Company, as Owner
Trustee, dated as of December 1, 2000, without regard to any amendment or
supplement thereto.

                  "Underwriter" means Greenwich Capital Markets, Inc.

                  "Underwriter Information" has the meaning given such term in
Section 3.

Section 2.        Other Definitional Provisions.

                  The words "hereof," "herein" and "hereunder" and words of
similar import when used in this Indemnification Agreement shall refer to this
Indemnification Agreement as a whole and not to any particular provision of this
Indemnification Agreement, and Section, subsection, Schedule and Exhibit
references are to this Indemnification Agreement unless otherwise specified. The
meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. The words "include" and "including"
shall be deemed to be followed by the phrase "without limitation."

Section 3.        Representations and Warranties of the Underwriter.

                  The Underwriter represents and warrants as of the Closing Date
as follows:

                  (a) Offering Document. The Underwriter will not use, or
         distribute to other broker-dealers for use, the Prospectus and the
         Prospectus Supplement, and any amendment or supplement thereto, each of
         which includes such information relating to the Insurer, unless such
         information has been furnished by the Insurer for inclusion therein and
         has been approved by the Insurer.

                  (b) Underwriter Information. As to the Underwriter, all
         material provided in writing to the Sponsor for inclusion in the
         Offering Documents (as revised from time to time, and as included in
         such Offering Document or any other Offering Document), being such
         information located in the Prospectus Supplement relating to the Notes,
         being the next to last sentence of the next to last paragraph on page
         S-1, the first two sentences of the paragraph immediately preceding the
         Table of Contents on page S-2, and the third paragraph under the
         heading "Method of Distribution" (the "Underwriter Information"),
         insofar as such information relates to such Underwriter shall be true
         and correct in all material respects.

                  (c) Compliance with Laws. The Underwriter will comply in all
         material respects with all legal requirements in connection with its
         offers and sales of the Notes and will make such offers and sales in
         the manner provided in the Offering Document.

                                      -2-
<PAGE>

Section 4.        Representations and Warranties of the Insurer.

                  The Insurer represents and warrants to the Underwriter as
follows:

                  (a) Organization and Licensing. The Insurer is a duly
         organized and validly existing New York stock insurance company duly
         qualified to conduct an insurance business in the State of New York.

                  (b) Corporate Power. The Insurer has the corporate power and
         authority to issue the Policy and execute and deliver this
         Indemnification Agreement and the Insurance Agreement and to perform
         all of its obligations hereunder and thereunder.

                  (c) Authorization; Approvals. Proceedings legally required for
         the issuance of the Policy and the execution, delivery and performance
         of this Indemnification Agreement and the Insurance Agreement have been
         taken and licenses, orders, consents or other authorizations or
         approvals of any governmental boards or bodies legally required for the
         enforceability of the Policy have been obtained; any proceedings not
         taken and any licenses, authorizations or approvals not obtained are
         not material to the enforceability of the Policy.

                  (d) Enforceability. The Policy, when issued, and this
         Indemnification Agreement and the Insurance Agreement will each
         constitute a legal, valid and binding obligation of the Insurer,
         enforceable in accordance with its terms, subject to bankruptcy,
         insolvency, reorganization, moratorium, receivership and other similar
         laws affecting creditors' rights generally and by general principles of
         equity and subject to principles of public policy limiting the right to
         enforce the indemnification provisions contained therein and herein,
         insofar as such provisions relate to indemnification for liabilities
         arising under federal securities laws.

                  (e) Financial Information. The balance sheet of the Insurer as
         of December 31, 1999 and the related statements of income,
         stockholder's equity and cash flows for the three fiscal years ended
         December 31, 1999, and the accompanying footnotes, together with an
         opinion thereon dated January 21, 2000 of KPMG LLP, independent
         certified public accountants, which are referred to in and attached to
         the Offering Document relating to the Notes, fairly present in all
         material respects the financial condition of the Insurer as of such
         dates and for the periods covered by such statements in accordance with
         generally accepted accounting principles consistently applied. The
         balance sheet of the Insurer as of September 30, 2000 and the related
         statements of operations, stockholder's equity and cash flows for the
         six-month period ended September 30, 2000 and the accompanying
         footnotes, which is referred to in and attached to the Offering
         Document relating to the Notes, fairly present in all material respects
         the financial condition of the Insurer as of such date and for such
         nine-month period in accordance with generally accepted accounting
         principles consistently applied. Since September 30, 2000, there has
         been no change in such financial condition of the Insurer that would
         materially and adversely affect its ability to perform its obligations
         under the Policy.

                                      -3-
<PAGE>

                  (f) Insurer Information. The information in the Prospectus
         Supplement as of the date hereof under the caption "The Insurer and the
         Policy" and the financial statements of the Insurer attached as Annex I
         and Annex II in the Prospectus Supplement as of December 31, 1998 and
         December 31, 1999, and for the respective twelve-month periods then
         ended, and as of September 30, 2000, and for the nine-month period then
         ended (the "Insurer Information") are true and correct in all material
         respects and do not contain any untrue statement of a material fact.

Section 5.        Indemnification.

                  (a) The Underwriter agrees to pay, and to protect, indemnify
         and save harmless, the Insurer and its officers, directors,
         shareholders, employees, agents and each Person, if any, who controls
         the Insurer within the meaning of either Section 15 of the Securities
         Act or Section 20 of the Securities Exchange Act from and against, any
         and all claims, losses, liabilities (including penalties), actions,
         suits, judgments, demands, damages, costs or expenses (including
         reasonable fees and expenses of attorneys, consultants and auditors and
         reasonable costs of investigations) of any nature arising out of or by
         reason of any untrue statement of a material fact contained in the
         Underwriter Information with respect to the Underwriter or a breach of
         any of the representations and warranties of the Underwriter contained
         in Section 3.

                  (b) The Insurer agrees to pay, and to protect, indemnify and
         save harmless, the Underwriter and its officers, directors,
         shareholders, employees, agents and each Person, if any, who controls
         the Underwriter within the meaning of either Section 15 of the
         Securities Act or Section 20 of the Securities Exchange Act from and
         against, any and all claims, losses, liabilities (including penalties),
         actions, suits, judgments, demands, damages, costs or expenses
         (including reasonable fees and expenses of attorneys, consultants and
         auditors and reasonable costs of investigations) of any nature arising
         out of or by reason of any untrue statement of a material fact
         contained in the Insurer Information or a breach of any of the
         representations and warranties of the Insurer contained in Section 4,
         subject to the limitations set forth in Section 4(f).

                  (c) If any action or proceeding (including any governmental
         investigation) shall be brought or asserted against any Person
         (individually, an "Indemnified Party" and, collectively, the
         "Indemnified Parties") in respect of which the indemnity provided in
         this Section 5(a) or (b) may be sought from the Underwriter, on the one
         hand, or the Insurer, on the other (each, an "Indemnifying Party")
         hereunder, each such Indemnified Party shall promptly notify the
         Indemnifying Party in writing, and the Indemnifying Party shall assume
         the defense thereof, including the employment of counsel satisfactory
         to the Indemnified Party and the payment of all expenses. The
         Indemnified Party shall have the right to employ separate counsel in
         any such action and to participate in the defense thereof at the
         expense of the Indemnified Party; provided, however, that the fees and
         expenses of such separate counsel shall be at the expense of the
         Indemnifying Party if (i) the Indemnifying Party has agreed to pay such
         fees and expenses, (ii) the Indemnifying Party shall have failed to
         assume the defense of such action or proceeding and employ counsel
         reasonably satisfactory to the Indemnified Party in any such action or
         proceeding or (iii) the named

                                      -4-

<PAGE>

         parties to any such action or proceeding (including any impleaded
         parties) include both the Indemnified Party and the Indemnifying Party,
         and the Indemnified Party shall have been advised by counsel that there
         may be one or more legal defenses available to it which are different
         from or additional to those available to the Indemnifying Party (in
         which case, if the Indemnified Party notifies the Indemnifying Party in
         writing that it elects to employ separate counsel at the expense of the
         Indemnifying Party, the Indemnifying Party shall not have the right to
         assume the defense of such action or proceeding on behalf of such
         Indemnified Party, it being understood, however, that the Indemnifying
         Party shall not, in connection with any one such action or proceeding
         or separate but substantially similar or related actions or proceedings
         in the same jurisdiction arising out of the same general allegations or
         circumstances, be liable for the reasonable fees and expenses of more
         than one separate firm of attorneys at any time for the Indemnified
         Parties, which firm shall be designated in writing by the Indemnified
         Party). The Indemnifying Party shall not be liable for any settlement
         of any such action or proceeding effected without its written consent
         to the extent that any such settlement shall be prejudicial to the
         Indemnifying Party, but, if settled with its written consent, or if
         there is a final judgment for the plaintiff in any such action or
         proceeding with respect to which the Indemnifying Party shall have
         received notice in accordance with this subsection (c), the
         Indemnifying Party agrees to indemnify and hold the Indemnified Parties
         harmless from and against any loss or liability by reason of such
         settlement or judgment.

                  (d) To provide for just and equitable contribution if the
         indemnification provided by the Indemnifying Party is determined to be
         unavailable or insufficient to hold harmless any Indemnified Party
         (other than due to application of this Section), each Indemnifying
         Party shall contribute to the losses incurred by the Indemnified Party
         on the basis of the relative fault of the Indemnifying Party, on the
         one hand, and the Indemnified Party, on the other hand.

Section 6.        Amendments, Etc.

                  This Indemnification Agreement may be amended, modified,
supplemented or terminated only by written instrument or written instruments
signed by the parties hereto.

Section 7.        Notices.

                  All demands, notices and other communications to be given
hereunder shall be in writing (except as otherwise specifically provided herein)
and shall be mailed by registered mail or personally delivered and telecopied to
the recipient as follows:

                  (a) To the Insurer:

                      Financial Guaranty Insurance Company
                      115 Broadway
                      New York, New York 10006
                      Attention:  Research and Risk Management
                                    GreenPoint Home Equity
                                    Loan Trust 2000-3
                      Facsimile:  (212) 312-3225
                      Confirmation:  (800) 352-0001

                                      -5-

<PAGE>

                  (b) To the Underwriter:

                      Greenwich Capital Markets, Inc.
                      600 Steamboat Road
                      Greenwich, Connecticut 06830
                      Attention:  Legal Department
                      Facsimile: (203) 618-2164
                      Confirmation: (203) 625-2700

         A party may specify an additional or different address or addresses by
writing mailed or delivered to the other parties as aforesaid. All such notices
and other communications shall be effective upon receipt.

Section 8.        Severability.

                  In the event that any provision of this Indemnification
Agreement shall be held invalid or unenforceable by any court of competent
jurisdiction, the parties hereto agree that such holding shall not invalidate or
render unenforceable any other provision hereof. The parties hereto further
agree that the holding by any court of competent jurisdiction that any remedy
pursued by any party hereto is unavailable or unenforceable shall not affect in
any way the ability of such party to pursue any other remedy available to it.

Section 9.        Governing Law.

                  This Indemnification Agreement shall be governed by and
construed in accordance with the laws of the State of New York (without giving
effect to the conflict of laws provisions thereof).

Section 10.       Counterparts.

                  This Indemnification Agreement may be executed in counterparts
by the parties hereto, and all such counterparts shall constitute one and the
same instrument.

Section 11.       Headings.

                  The headings of Sections and the Table of Contents contained
in this Indemnification Agreement are provided for convenience only. They form
no part of this Indemnification Agreement and shall not affect its construction
or interpretation.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLAND]

                                      -6-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement, all as of the day and year first above mentioned.

                                FINANCIAL GUARANTY INSURANCE COMPANY,
                                   as Insurer

                                   By: /s/ Jayce Fox
                                       ----------------------------------
                                       Name:  Jayce Fox
                                       Title: Team Leader

                                GREENWICH CAPITAL MARKETS, INC.,
                                   as Underwriter

                                   By: /s/ Frank Skibo
                                       ----------------------------------
                                       Name:   Frank Skibo
                                       Title:  Vice President

                                     -7-

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