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 2000-2    Policy Number:     00010638

                                                     Control Number:    010001

Insured Obligations:
$353,500,000 (approximate) in principal amount
of Home Equity Loan Asset Backed
Securities, Series 2000-2, Class A-1 Certificates
and A-2 Notes (the "Class A Securities")

Trustee:  Bank One, National Association

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 $48,606.25 (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 Pooling Agreement 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
Pooling Agreement 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 Holders, as provided in the Pooling Agreement
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

<PAGE>

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

return any such payment or portion thereof prior to the expiration date of this
Surety Band 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 Band 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 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 Band 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

<PAGE>

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

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 Pooling Agreement.

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 Band
shall be the County of New York, State of New York. The insurance provided by
this Surety Band 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 Pooling Agreement. "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 Indenture 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.
"Pooling Agreement" means the Pooling Agreement and Indenture, dated as of
September 1, 2000 by and among the Issuer, the Trustee and Freddie Mac. "Sale
and Servicing Agreement" means the Sale and Servicing Agreement, dated as of
September 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 Pooling
Agreement does not constitute acceleration for the purposes hereof.

<PAGE>

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

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/ [Illegible Signature]                           /s/ [Illegible Signature]
------------------------                            ----------------------------
President                                           Authorized Representative

Effective Date:  September 26, 2000

<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 2000-2
                           Home Equity Loan Asset Backed
                           Securities, Series 2000-2
                           Policy No.:      00010638

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

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

We refer to that certain Pooling Agreement and Indenture dated as of September
1, 2000, by and between GreenPoint Home Equity Loan Trust 2000-2, as Issuer,
GreenPoint Mortgage Funding Inc., as Seller and Servicer, and Bank One National
Association, as Trustee (the "Pooling Agreement"), relating to the above
referenced Securities. All capitalized terms not otherwise defined herein or in
the Surety Bond shall have the same respective meanings assigned to such terms
in the Pooling Agreement.

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

         (1)   A payment on the Class A-1 Certificates in an amount equal to
         $__________ is due to be received under the Pooling Agreement (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 Security
         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 Pooling Agreement (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 Security Principal Balance, in the case of
         the Final Scheduled Payment Date.

<PAGE>

(b)      (1)   The amount available in the Collection Account to be distributed
         on such Distribution Date on the Class A-1 Certificates 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 $_____________.

(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.

(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 Pooling Agreement, this statement constitutes
a notice for payment of an Insured Amount by the Insurer in the amount of
$__________ [(c)(1) + (c)(2) + (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

<PAGE>

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

                              LEHMAN BROTHERS INC.

                            INDEMNIFICATION AGREEMENT

                    GREENPOINT HOME EQUITY LOAN TRUST 2000-2

                    HOME EQUITY LOAN ASSET BACKED SECURITIES,
                                  SERIES 2000-2

                         Dated as of September 15, 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.................................................6

SECTION 7. NOTICES.........................................................6

SECTION 8. SEVERABILITY....................................................6

SECTION 9. GOVERNING LAW...................................................6

SECTION 10. COUNTERPARTS...................................................7

SECTION 11. HEADINGS.......................................................7

                                       i

<PAGE>

     INDEMNIFICATION AGREEMENT, dated as of September 15, 2000, by and between
FINANCIAL GUARANTY INSURANCE COMPANY, as Insurer, and LEHMAN BROTHERS 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 Pooling Agreement and Indenture or Surety Bond No. 00010638
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:

     "Certificates" means the GreenPoint Home Equity Loan Trust 2000-2 Home
Equity Loan Asset Backed Class A-1 Certificates, Series 2000-2 as issued
pursuant to the Trust Agreement.

     "Class A Securities" means the Certificates and the Notes.

     "Insurance Agreement" means the Insurance and Indemnity Agreement (as the
same may be amended, modified or supplemented from time to time), dated as of
September 26, 2000, by and among the Insurer, GreenPoint Home Equity Loan Trust
2000-2, GreenPoint Mortgage Funding Inc., as seller of the Mortgage Loans to the
Sponsor and as Servicer, the Sponsor, Bank One, National Association, as
Trustee, and Freddie Mac.

     "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 2000-2 Home Equity Loan
Asset Backed Class A-2 Notes, as issued pursuant to the Pooling Agreement.

     "Offering Documents" means the Base Prospectus (the "Prospectus"), dated
February 15, 2000, as supplemented by the Prospectus Supplement (the "Prospectus
Supplement"), dated September 15, 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; and the Information Circular (the
"Information Circular") dated September 15, 2000, in respect of the
Certificates, the Offering Circular (the "Offering Circular") in respect of
Freddie Mac Giant and Other Pass-Through Certificates (SPC) dated December 1,
1999, and the Offering Circular Supplement (the "Offering Circular Supplement")
dated September 15, 2000, in respect of the Freddie Mac Structured Pass-Through
Certificates, Series T-029, and any amendment or supplement thereto, and any
other offering document in respect of the certificates that makes reference to
the Policy.

     "Pooling Agreement" means that certain Pooling Agreement and Indenture
relating to the Class A Securities, dated as of September 1, 2000, between
GreenPoint Home

<PAGE>

Equity Loan Trust 2000-2, as issuer, Bank One, National Association, as Trustee,
and Freddie Mac without regard to any amendment or supplement thereto.

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of September 1, 2000, by and among GreenPoint Mortgage Securities Inc.,
as Sponsor, GreenPoint Mortgage Funding Inc., and Servicer, GreenPoint Home
Equity Loan Trust 2000-2, and Bank One, National Association, as 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.

     "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 September 1, 2000, without regard to any amendment or supplement
thereto.

     "Underwriter" means Lehman Brothers 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, the Information Circular and any
     amendments or supplements thereto, the Offering Circular and the Offering
     Circular Supplement, and any amendments or supplements 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.

                                      -2-

<PAGE>

          (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 Freddie
     Mac Offering Circular Supplement relating to the Certificates, being the
     name of Lehman on the front cover, the 4th sentence under the heading
     "Certain Risk Considerations -- the SPC's Are Subject to Market Risk" on
     page S-2, and the second paragraph under the heading "Plan of Distribution"
     on page S-11; and 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.

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.

                                      -3-

<PAGE>

          (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 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 June 30, 2000 and the
     related statements of operations, stockholder's equity and cash flows for
     the six-month period ended June 30, 2000 and the accompanying footnotes,
     which is referred to in 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 six-month period in accordance with generally
     accepted accounting principles consistently applied. Since June 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.

          (f)  Insurer Information. The information in the Prospectus Supplement
     and the Information Circular 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 and the
     Information Circular as of December 31, 1998 and December 31, 1999, and for
     the respective twelve-month periods then ended, and as of June 30, 2000,
     and for the six-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

                                      -4-

<PAGE>

     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 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.

                                      -5-

<PAGE>

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 2000-2
    Facsimile:  (212) 312-3225
    Confirmation:  (800) 352-0001

     (b)  To the Underwriter:

          Lehman Brothers Inc.
          Attention:  Legal Department
          Three World Financial Center
          New York, New York  10285
          Facsimile:  212-526-7415
          Confirmation:  212-526-9433

     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.

                                      -6-

<PAGE>

     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 BLANK]

                                       -7-

<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

                                     LEHMAN BROTHERS INC,
                                          as Underwriter

                                          By: /s/ Matthew Lewis
                                             -----------------------------
                                             Name:  Matthew Lewis
                                             Title:  Senior Vice President

                                      -8-

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